What is the 'Critical Path' in project management?

The 'Critical Path' in project management refers to the sequence of tasks that determines the minimum time required to complete a project. This concept is crucial because it identifies the longest stretch of dependent activities and measures the time required for them to be completed, thus highlighting which tasks are critical for project completion and cannot be delayed without affecting the overall timeline.

Understanding the critical path allows project managers to allocate resources effectively, schedule tasks judiciously, and ultimately ensure timely project delivery. It emphasizes the importance of managing tasks that lie on this path, as any delay in these tasks directly impacts the project's completion date. Therefore, the critical path is pivotal for efficient project management as it helps in recognizing which tasks require close monitoring and careful management to meet deadlines.