Impact of Graphs and Network in Minimizing Project and Product Cost

The world has many natural systems that are so complex to be understood easily. This creates a need to have simple principles or systems that capture the complexity of the world. The simple systems make it easier for many people to understand the world by representing the complex world in a more straightforward way (Stefan, 2003). Many objects and projects are seen to be a network of processes or substances. Graphs and networks have been used widely in different projects for different reasons by project managers mostly. There are techniques such as critical path analysis that make use of graphs and networks and are applied by project managers and all the staff involved in projects. These methods are used to ensure smooth planning and control of projects. However, the techniques have to be applied correctly to achieve the desired objective. This paper looks at the impact of graphs and networks in minimizing the costs of a project or product. From this research, it can be inferred that the techniques such as critical path method, that make use of graphs and networks, play a significant role in determining and hence reducing the product cost. This is done by making the right decisions regarding the resources and time most appropriate for a project. The paper shows clearly how these techniques are applied in a project to determine project duration and hence minimize the cost.