Project management is an essential component of effectively completing projects and reaching business

goals. There are various project management approaches that may help you maximize efficiency,
coordinate your efforts, and boost productivity as a project manager. Project management is a broad
subject as it covers various industries and necessitates a wide range of abilities. The strategies project
managers employ to perform the work are one point of similarity in the field of project management.

There are various project management techniques, which includes Work Breakdown Structure (WBS),
Gantt chart, Program Evaluation and Review Technique (PERT) and Critical Path Method (CPM). Rather
than engaging with a major undertaking that feels burdensome, effective project managers divide the
work into smaller jobs, a practice known as work breakdown structure. This isn't only about breaking
down something difficult into smaller bits. Smaller jobs are easier to organize into a workflow using the
WBS approach than bigger ones. When a project is broken down into smaller chunks, teams can
understand which tasks rely on others and when to accomplish them. It's also lot easier to estimate how
much time and money to devote to each activity. This facilitates resource planning and managing
stakeholder expectations. You can simply assign resources and detect dependencies by listing all of your
tasks and estimating their length, budget, and effort.

Critical Path Method or CPM is a method for predicting and monitoring the entire length of a project
When a project is divided into tasks, each one has a time estimate. Those jobs are grouped into delivery
sequences based on logic and any dependencies. You may estimate the entire project length by
aggregating the duration of the longest series of jobs. The project's length grows if any tasks are
postponed. Monitoring and regulating critical path tasks assists teams in completing projects on
schedule.

On the other hand, a Gantt chart is a bar chart that allows users to see project activity across time. It's
highly helpful because it illustrates what work has to be done on specific days. Gantt charts help project
managers to see current project status at a glance and take action to get the project back on track.

PERT considers not just the time of the critical route, but also the linkages between project activities.
PERT displays project tasks in a flowchart format rather than sequential occurrences. This approach
increases the accuracy of work duration estimations by calculating them using three alternative inputs:
optimistic time, pessimistic time, and most-likely time.

LESSON 4

 forecasting is the projection of future developments of a business or sector based on previous and
present data trends and patterns.
This business technique aids in the allocation of resources and the strategic planning of prospective
initiatives, activities, and expenses. Forecasting allows companies to manage resources, match goals
with current trends, and improve their prospects of survival and competitiveness.

Forecasts are used to establish better strategies and project plans by utilizing accessible, relevant facts
from the past and present to protect your company's future. Good business forecasting enables
companies to get unique, exclusive insights into expected future occurrences, maximize their resources,
define product team, and become industry leaders.

Managers create comprehensive business projections to ensure solid decision-making based on

Any glimpse into the future gives your company an advantage. Forecasting allows you to anticipate
prospective problems, make smarter decisions, and explore the effect of those judgements.

Forecasting becomes a strong tool for your firm by combining quantitative and qualitative
methodologies, statistical and econometric models, and impartiality.

Business forecasting assists managers in devising the most effective strategies for current and future
trends and occurrences. Currently, artificial intelligence, forecasting tools, and big data make corporate
forecasting simpler, more accurate, and tailored to each enterprise.

Forecasting does not guarantee a precise image of the future or how your firm will grow, but it does
point in the right direction based on facts, logic, and experience.

The prediction should be timely. It usually takes some time to respond to the information included in a
forecast. Time is required to execute the necessary modification.

The forecast should be correct, with the degree of precision specified. This allows users to plan for
potential inaccuracies and provides a foundation for comparing altered native forecasts.

The prediction must be dependable. It must function regularly. A strategy that, while providing an
excellent forecast at times and a poor forecast at others, should be trustworthy.

Forecasting should be done in meaningful units. The number of units depends on the demands of the
user. Production planners, for example, must know how many units will be required.
The forecast should be written down. A written forecast provides an objective foundation for analyzing
the projection.

The forecasting method should be simple to grasp and apply. Because consumers are more comfortable
dealing with basic forecasting approaches, they are widely used.