WHAT IS Programe Evaluation and Review Technique (PERT) & Critical Path Method (CPM) ?

WHAT IS Program Evaluation and Review Technique (PERT) & Critical Path Method (CPM) ? 

PERT: It is useful at several stages & project management starting from early planning stages when various alternative programmes have been considered to the schedule place, when time and resources schedules are laid              to final stage in operation, when used as control device to measure actual against plant programmes. It is useful completing a project on schedule (time) by co-ordinating different jobs involved in its completion.

Feed Back – Control:

It is a system & controlling which tries to rectify the deviations after they have occurred. It is like a post-mortem analysis which aims at identifying the point & cause of deviation.

Feed Forward – Control

It tries to prevent the deviations rather than correcting them, critical areas are identified at the planning stage itself where deviations may occur and special care is taken to avoid such deviations. The approach is diagnostic rather than post-mortem.

    Human Resources Accounting: The American Accounting Association has defined human resources accounting as “the process of identifying and measuring data about human resources and communicating this information to interested parties”.

    Responsibility Accounting: Responsibility Accounting is defined as “a system designed to accumulate and report costs by individual levels of responsibility. Each supervisory area is charged only with the cost for which it is responsible and over which it has control.”