The ultimate objective of the scheduling phase is to prepare a time chart showing the start and finish time for each activity as well as its relationship to other activities of the project. Moreover, the schedule must pinpoint the critical path activities which require special attention if the project is to be completed in time. For non-critical activities, the schedule must show the amount of slack or float times which can be used advantageously when such activities are delayed or when limited resources are to be utilized effectively. In this phase, it is possible to resource requirements such as time, manpower, money, machines etc.
STEP-III: Allocation of Resources:
Allocation of resources is performed to achieve the desired objective. A resource is a physical variable such as labour, finance, equipment and space which will impose a limitation on time for the project. When resources are limited and conflicting demands are made for the same type of resource, a systematic method for allocation of resources become essential. Resource allocation usually incurs a compromise and the choice of this compromise depends on the judgement of managers.
The final phase in project management is controlling. Critical path method facilitates the application of the principle of management by exception to identify areas that are critical to the completion of the project. By having progress reports from time to time and updating the network continuously, a better financial as well as technical control over the project is exercised.
Arrow diagrams and time charts are used for making periodic progress reports. If necessary, new courses of action are determined for the remaining portion of the project.