Final answer:
The Critical Path Method (CPM) involves four steps: identifying activities and their sequence, estimating time for each activity, determining the critical path, and updating the project schedule.
Step-by-step explanation:
- Identify activities and their sequence: The first step in the Critical Path Method (CPM) is to identify all the activities that need to be completed and determine their sequence. This involves breaking down the project into smaller tasks and determining which tasks need to be completed before others can start.
- Estimate time for each activity: Once the activities and their sequence are identified, the next step is to estimate the time required to complete each activity. This involves considering factors such as resources available, dependencies, and any potential risks.
- Determine the critical path: The critical path is the sequence of activities that determines the project's overall duration. It is the longest path through the project network and indicates which activities are critical for completing the project on time.
- Update the project schedule: Lastly, the project schedule must be regularly updated to reflect the actual progress of activities. This involves comparing the planned duration with the actual duration and making adjustments as necessary.