What is the role of capacity in project management?
Critical Path Method
The critical path is the longest succession of tasks that has to be successfully completed to conclude a project entirely. The tasks involved in the sequence are called critical activities, as any task getting delayed will result in the whole project getting delayed. To determine the time duration of a project, the critical path has to be identified. The critical path method or CPM is used by project managers to evaluate the least amount of time required to finish each task with the least amount of delay.
Cost Analysis
The entire idea of cost of production or definition of production cost is applied corresponding or we can say that it is related to investment or money cost. Money cost or investment refers to any money expenditure which the firm or supplier or producer undertakes in purchasing or hiring factor of production or factor services.
Inventory Management
Inventory management is the process or system of handling all the goods that an organization owns. In simpler terms, inventory management deals with how a company orders, stores, and uses its goods.
Project Management
Project Management is all about management and optimum utilization of the resources in the best possible manner to develop the software as per the requirement of the client. Here the Project refers to the development of software to meet the end objective of the client by providing the required product or service within a specified Period of time and ensuring high quality. This can be done by managing all the available resources. In short, it can be defined as an application of knowledge, skills, tools, and techniques to meet the objective of the Project. It is the duty of a Project Manager to achieve the objective of the Project as per the specifications given by the client.
What is the role of capacity in project management?
Before getting into the question, let’s first understand the meaning of capacity.
It means the maximum amount of products we can produce with a normal working schedule with certain amount of resources. We also need to know that what is meant by capacity planning.
Capacity planning:
It can be defined as the process of organizing resources to optimize the productivity. It also helps us in checking the availability of resources and also helps in decision making. It is mostly about supply and demand. It is mainly linked to resource management. It allows managers to see how teams are performing and cost related checks. But, at the same time managers need to have right tools to get defined insight into workforce.
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