Management Notes

Reference Notes for Management

______________ is used to accomplish the project economically in the minimum available time with limited resources

______________ is used to accomplish the project economically in the minimum available time with limited resources


A. Project Scheduling.
B. Network Analysis.
C. Budget Analysis.
D. Critical Planning.

The Correct Answer Is:

  • A. Project Scheduling.

Project scheduling is the correct answer for accomplishing a project economically in the minimum available time with limited resources. Project scheduling is a crucial aspect of project management that involves the determination of the start and end dates for each task, as well as the allocation of resources to these tasks in a systematic and efficient manner.

Let’s delve into the detailed explanation of why project scheduling is the correct choice and why the other options are not:

Project Scheduling (Correct Answer):

Project scheduling is the process of planning and organizing tasks, activities, and resources to achieve project objectives within specific constraints such as time, cost, and resources. It is a fundamental tool in project management, and its role in achieving economic efficiency and timely completion with limited resources is significant. Here’s why it is the correct answer:

1. Time Management:

Project scheduling helps in managing time efficiently by allocating specific time frames to each task. By doing so, it ensures that the project progresses in a structured and time-effective manner.

2. Resource Allocation:

Effective project scheduling takes into account the availability of resources and allocates them optimally. This ensures that limited resources are utilized efficiently, minimizing wastage.

3. Minimizing Delays:

Through scheduling, critical paths and dependencies are identified, allowing project managers to focus on critical tasks that, if delayed, could impact the project’s overall timeline. This proactive approach helps in minimizing delays and ensuring timely completion.

4. Cost Control:

By establishing a well-structured schedule, project managers can anticipate resource requirements and costs, making it easier to manage the project budget and allocate funds judiciously. This contributes to economic project execution.

5. Risk Mitigation:

Project scheduling aids in risk assessment and management. By identifying potential risks and creating contingency plans within the schedule, project managers can mitigate the impact of unforeseen events, further ensuring economic project execution.

Why the Other Options are Not Correct:

A. Network Analysis:

Network analysis is a part of project scheduling. It involves creating a visual representation of the project’s tasks and their interdependencies. While it is an essential component of project scheduling, it is not a stand-alone method for accomplishing a project economically and quickly with limited resources.

Network analysis alone does not address resource allocation, time management, and cost control as comprehensively as project scheduling.

B. Budget Analysis:

Budget analysis is vital in managing project costs, but it is not the primary method for achieving a project’s timely completion with limited resources.

Budget analysis focuses on financial aspects and cost control, but it does not provide a detailed plan for scheduling and resource allocation. Economic project execution depends on a well-thought-out project schedule, which encompasses budget considerations.

D. Critical Planning:

Critical planning is not a recognized term or concept in project management. It is possible that this option is a term that is not commonly used in the field. In project management, critical path analysis is used to identify the most critical tasks that must be completed on time for the project to stay on schedule.

However, this is only one aspect of project scheduling, and it does not cover all the necessary aspects required for economic execution with limited resources.

In conclusion, project scheduling is the most appropriate choice when it comes to achieving a project economically in the minimum available time with limited resources.

It encompasses time management, resource allocation, cost control, risk mitigation, and effective management of project dependencies, making it an essential tool in the project manager’s toolkit. While the other options may play roles in project management, they are not the primary methods for achieving the efficient and timely completion of projects.

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