Project Management Network Diagrams are helpful in determining where most of the schedule project risks will occur. A critical path is made up of activities that cannot be delayed without delaying the end date of the project.
How does one compute the critical path? The simple example below illustrates the process. If one has a network diagram such as:
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Find all the possible activities and the corresponding duration:

Then, the fun part ... Trace all the possible paths then sum up all the duration.
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From the simple example above, our critical paths are:
Start-A-B-E-F-C-End and Start-D-B-E-F-C-End.
Computing the critical path is a good way to manage project schedules and associated risks. If you are not using it, try it and it may make a big difference for you.