Final answer:
The network model described is the Critical Path Method (CPM), which allows engineers and project managers to identify and monitor the longest sequence of tasks necessary to complete a project, focusing on one time factor per activity.
Step-by-step explanation:
The network model which enables engineer managers to schedule, monitor, and control large and complex projects by using only one time factor per activity is the Critical Path Method (CPM). CPM is widely used in fields such as construction, aerospace and defense, software development, research and development, and any area where project time management is critical. Using this technique, engineers and project managers can determine the longest stretch of dependent activities and measure the time required to complete a project, as well as identify which activities are critical and which have float time. This allows for the prioritization of tasks, effective resource allocation, and the ability to see the impact of delays on the overall project timeline.
For instance, while designing a new video game controller, knowing the critical path of project activities would ensure that the design, testing, and manufacturing phases are completed in time for the holiday season market release, which is key for product sales. The CPM model helps make the evaluation simple for program managers to understand "what is being done" and "why it is being done", contributing to its usefulness and usability. Mathematical models and simulations might be used in design phases. However, they do not replace the functionality of CPM for project scheduling and management.