Question
Download Solution PDFCrash cost in project management is associated with
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFExplanation:
Crash cost is a term used in project management, particularly in the context of project scheduling and the Critical Path Method (CPM). Crashing refers to the process of accelerating a project activity to reduce the total project duration. This often involves allocating additional resources (like labor, equipment, or materials) or working overtime to complete an activity in less time than originally planned. The main points regarding crash cost are:
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Crashing Activities: When you crash an activity, you aim to shorten its duration by increasing resources. This results in additional costs, known as crash costs. Crashing is done to meet project deadlines or to ensure that critical milestones are achieved sooner.
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Crash Cost Implications: Crashing typically increases the direct costs of an activity due to the need for extra resources, overtime pay, or expedited materials. These additional expenses are referred to as crash costs. The decision to crash should weigh the cost increase against the benefit of reduced project time.
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Trade-Offs: Project managers analyze the trade-off between time and cost to determine the most cost-effective way to shorten the project duration without significantly escalating the project budget.
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