Draw the network diagram.Determine ES, LS, EF and LF for each activity.What is the variance for each activity?What is the critical path?What is the estimated time of the critical path?What is the activity variance along the critical path?What is the probability of completion of the project before week 40? 15. The Farmer's American Bank of Leesburg is planning to install a new computerized accountssystem. Bank management has determined the activities required to complete the project, the pre-cedence relationships of the activities, and activity time estimates, as shown in the following table:Activity Activity DescriptionPosition recruitingSystem developmentSystem trainingEquipment trainingManual system testPreliminary system changeoverComputer-personnel interfaceabсdefhijkEquipment modificationEquipment testingSystem debugging and installationEquipment changeoverActivityPredecessoraab, cb, cd, ed, ehf, gg, iTime Estimates(weeks)a53451131125m812781462.5128b17151023113971211Determine the expected project completion time and variance, and determine the probability thatthe project will be completed in 40 weeks or less.

Answered: 5. The Farmer's American Bank of…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

See similar textbooks

Related questions

Question

Draw the network diagram.
Determine ES, LS, EF and LF for each activity.
What is the variance for each activity?
What is the critical path?
What is the estimated time of the critical path?
What is the activity variance along the critical path?
What is the probability of completion of the project before week 40?

15. The Farmer's American Bank of Leesburg is planning to install a new computerized accounts
system. Bank management has determined the activities required to complete the project, the pre-
cedence relationships of the activities, and activity time estimates, as shown in the following table:
Activity Activity Description
Position recruiting
System development
System training
Equipment training
Manual system test
Preliminary system changeover
Computer-personnel interface
a
b
с
d
e
f
h
i
j
k
Equipment modification
Equipment testing
System debugging and installation
Equipment changeover
Activity
Predecessor
a
a
b, c
b, c
d, e
d, e
h
f, g
g, i
Time Estimates
(weeks)
a
5
3
4
5
1
1
3
1
1
2
5
m
8
12
7
8
1
4
6
2.5
1
2
8
b
17
15
10
23
1
13
9
7
1
2
11
Determine the expected project completion time and variance, and determine the probability that
the project will be completed in 40 weeks or less.

Expert Solution

Step 1

The above-given question is to calculate project completion time and variance according to the given data, A project completion time is typically distributed with a mean equivalent to the critical path's length. The normal length of the critical path is the sum of the normal activities' durations of that path. In the project the board set, a fluctuation can be an issue or risk, with an effect on the schedule and spending plan. Project cost variance also called financial plan fluctuation, is the distinction between the real cost and the planned cost, or what you expected to spend versus what you really spent. Below are the required calculations-