Briefly Discuss What Is Meant by Critical Path Analysis

question 98

Essay

Briefly discuss what is meant by critical path analysis. What are critical path activities and why are they important?

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Definitions:

Cost Reimbursable Contract

A contract where the buyer reimburses the contractor for all legitimate costs incurred plus an additional fee for profit.

Fixed Fee

A fixed fee is a pricing structure where a single set price is agreed upon for a service or project, regardless of the time or resources used.

Cost Reimbursable Contract

A type of contract where the buyer reimburses the seller for the seller's allowable costs, plus a fee representing the seller's profit.

Performance Criteria

Standards or metrics used to evaluate the efficiency, progress, or success of a project, employee, or system against defined objectives.