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They are similar and you will now often find the technique referred to as: CPM/PERT.
The technique involves using network models to trace the links between tasks and to identify the tasks which are critical to meeting the deadlines. Once you've identified the critical path , any delay on any part of the critical path will cause a delay in the whole project. It is where managers must concentrate their efforts.
In MS Project , you use the Tracking Gantt diagram to show the critical path in red and you can see the PERT diagram by looking at the Network view.
work resources, material resources and cost resources.
Work resources complete tasks by expending time on them. They are usually people and equipment that have been assigned to work on the project (you track their participation by the amount of time they spend).
Material resources are supplies and stocks that are needed to complete a project. You assign material resources by the quantity that you need: two tons of gravel or 300 gallons of diesel fuel, for instance. Because materials aren't measured by time, quantities usually affect only the cost of your project. Materials affect dates or duration only when you have to wait for those materials to become available.
Cost. Cost resources are the new kid on the Project 2007 block, and they're strictly cost; no time, no quantities—just dollars. Expenses, such as travel or fees, increase the project price tag, but they aren't associated with work or material resources.
You must start by identifying the resources available along with their costs.
Resource costs will be multiplied by duration to calculate project costs.
You have to open the Resource sheet to specify the project resources and costs.
Fields in the Resource Sheet may be blank or contain different types of information depending on the type of resource. For example, a work resource doesn't have a Material label, and costs are calculated initially as dollars per hour. Material resources have a cost per unit—per pound, gallon, or piece—and the Material label field defines the units. Cost resources receive a value only when you assign them to tasks.