Gerelyn C.

Peñez
BSBA II - FM

Answer the following:

1. What is Project Management?

⮚ Project management is the use of specific knowledge, skills, tools and techniques to deliver
something of value to people. It involves the planning, initiation, execution, monitoring,
and closing of a project. From start to finish, every project needs a plan that outlines how
things will get off the ground, how they will be built, and how they will finish.Project
management is used across industries and is an important part of the success of
construction, engineering, and IT companies.

2. What is a Gantt chart? Provide an example.

⮚ A Gantt chart is a bar chart that provides a visual view of project tasks scheduled over time.
It is used for project planning, it’s a useful way of showing what work is scheduled to be
done on specific days. It helps project managers and team members view the start dates,
end dates and milestones of a project schedule in one simple stacked bar chart.
Example:
3. What is PERT and CPM in project management?
⮚ PERT stands for “Programme Evaluation & Review Technique” while CPM are the
abbreviation for “Critical Path Method”. PERT and CPM are techniques of project
management useful in the basic managerial functions of planning, scheduling and control.
The techniques of PERT and CPM help greatly in completing the various jobs on schedule.
They minimise production delays, interruptions and conflicts. These techniques are very
helpful in coordinating various jobs of the total project and thereby expedite and achieve
completion of project on time. PERT is a visual project management technique where we
plan, schedule, organize, coordinate and control uncertain activities. Whereas CPM is a
statistical technique where we plan, schedule, organize, coordinate and control well-
defined activities.