If managers are not familiar with the scale of projects but need to prepare estimates of time and costs, they need to rely on their data. Usually, managers are well aware of what team or teams they have in terms of skills, education, and experience. To create a budget, they can invite a team member, for example, one developer, one localizer, and one customer service specialist, to discuss. In addition to being aware of team capabilities, managers usually understand the patterns of work that groups typically move through. It can be an Agile or Waterfall model; each contains an approximate time and financial framework (Schwalbe, 2017). If I were to estimate time and costs, I would be guided by the information already given to me. In addition, I keep abreast of the development of project management technologies and would rely on trends. Top-down, Bottom-up, and Analogous project planning techniques are the most modern; they take into account the subtleties of the production and providing services.
The critical path is a logical display of the essence of the project, consisting of the sequential execution of a series of tasks that follow one after another. The performance of these tasks is related to the project deadline since each stage has deadlines. Completing easy assignments in the chain according to deadlines and checking their results leads to the team and the manager handing over the fully completed project on time. The critical path and understanding of its essence affect the overall schedule of projects, helping to build correct planning. Every project, whether it’s a service or a product, has a unique structure. Creating a project is a staged process, the tasks of which go sequentially one after another. A structural and strategic approach to project creation helps managers to think critically and develop multi-dimensionally. It forces him to evaluate the timing of the project and the individual stages on the way to the final.
Reference
Schwalbe, K. (2017). An introduction to project management (6th Edition). Create Space Independent Publishing Platform.