Critical Path

Examples of Critical Path in the following topics:

• CPM and PERT Charts

  • The critical path method (CPM) is a project modeling technique that was developed in the late 1950s by Morgan R.
  • The longest series of tasks in a project is referred to as the "critical path;" in this case, it would be A-->C.
  • The critical path is the sequence of project network tasks that combine for the longest overall duration.
  • The critical path also tells the project manager the shortest possible time period in which the project can be completed since the timing of the project will be dependent on the completion of critical path tasks.
  • Finally, the concept of a critical path is integral to the usefulness of the model.

• Introduction to Red Ocean and Blue Ocean Strategy

  • Six paths were identified:
  • Finding a way to look across this (utilizing the 6 paths above) to identify and fill those unique needs is the way in which niche markets are created.
  • Criticism in academia exists for the blue ocean perspective, generally observing that despite the theoretical attractiveness there are few success stories who actually us the blue ocean strategy.
  • It was also noted by some critics that there was a lack of control group in the publication, and that the theory itself is inherently unfalsifiable.
  • Regardless of these criticisms, it is still highly influential and clearly defines a perspective which resonates well with the strategic framework as it currently stands in business.

• Flattening Hierarchies

  • Parts of the hierarchy that are not linked vertically to one another can be horizontally linked through a path by traveling up the hierarchy; this path eventually reaches a common direct or indirect superior and then travels down the hierarchy again.
  • When organizations reach a critical size, they can retain a streamlined structure; however, they cannot keep a completely flat manager-to-staff hierarchy without impacting productivity.

• Leadership and Decision Making: The Vroom-Yetton-Jago Model

  • This technique involves answering a series of yes or no questions and following the yes path to the recommended type of decision-making approach.
  • Is the nature of the solution critical?
  • Is acceptance of the decision by subordinates critical to its implementation?

• Quantitative and Analytical Management Tools

  • Trends are only ever in the past, however, and utilizing confidence intervals when projected with trends is critical to their effectiveness.
  • It is critical to remember that a dollar today and a dollar tomorrow have a different value.
  • This decision tree shows the money lost or gained at each step along multiple potential paths of action.
  • The path that results in the highest financial gain by the end is generally the one that should be chosen.

• Differences Between Strategic Planning at Small Versus Large Firms

  • Ideally, McDonald's can construct careful strategic models and systems which control the critical components of the operations without hindering the localization.
  • Achieving this requires a great deal of balance; it often requires a strategy that is created to enable multiple paths to the same objectives.

• Defining Culture

  • As culture is such a central component of human identity, the recognition of the role that culture plays in our daily lives is a critical context which we must be consistently aware:
  • As cultures continue to interact and cross paths with one another, understanding one another via culture minimizes cultural friction while maximizing on the potential synergies inherent in diversity.

• The Challenge of Globalization

  • Leading up to the mortgage-backed security fallout of 2008, banks and investors began to move down the path of profitability over ethical concern.
  • Managers must also be particularly aware of the current criticisms of a highly global society, particularly as it pertains to ethical and environmental considerations.
  • This global culture is often criticized for taking the place of previously established domestic cultures (and motivating consumerism).
  • Minimizing the damage done to the environment, and offsetting it as best as possible through philanthropic giving, is not only a wise marketing move but also a critical ethical consideration.

• Employee Career-Path Management

  • Career-path management requires human resource management to actively manage employee skills in pursuit of successful professional careers.
  • Career-path management refers to the structured planning and active management of an employee's professional career.
  • Through employing these practices, human resource managers can significantly improve the potential of each employee, opening new career-path venues by expanding upon an employee's skill set.
  • Therefore, human resources departments are central to empowering employees to take successful career paths while maintaining an organizational balance.

• Leadership and Task/Follower Characteristics: House

  • The Path-Goal theory argues that a leader's role is to help followers achieve both personal and organizational goals.
  • In 1971, Robert House introduced his version of a contingent theory of leadership known as the Path-Goal theory.
  • Directive, path-goal clarifying leader: The leader clearly defines what is expected of followers and tells them how to perform their tasks.
  • The Path-Goal model emphasizes the importance of the leader's ability to interpret follower's needs accurately and to respond flexibly to the requirements of a situation.
  • Identify the leadership and task/follower characteristics identified by Robert House in the Path-Goal theory (1971)