7. Use the information contained below to compress one time unit per move using theleast cost method. Assume the total indirect cost for the project is $2,000 and thereis a savings of $100 per time unit reduced. Calculate the total direct, indirect, andproject costs for each duration. Plot these costs on a graph. What is the optimumcost-time schedule for the project?Note: The correct normal project duration and total direct cost are provided.Act.Crash Cost (Slope)Maximum Crash TimeNormal TimeNormal CostA02200B50141000C2002580020025100010013$800F40151000G40141000H01200AB2x4CF55E3DG54Project duration 20HDirect cost6,0001xIndirect cost2,000Total cost8,000 Refer to exercise #7 in this chapter. The values for direct cost Blank 1, indirect cost Blank 2, total cost Blank3, and time Blank 4 at the optimal cost-time point are (enter the values for DC, IC, TC and OT):Blank 1Add your answerBlank 2Add your answerIBlank 3Add your answerBlank 4Add your answer

In evaluating the optimum cost-time schedule for the project using crashing methods, several factors…

Answered: 7. Use the information contained below…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Swimming Pool Installation: You are the project manager working for Mack's Pool Co. Your project consists of installing a new swimming pool at the local country club before Memorial Day weekend (pool opening weekend). You would like to find the minimum cost schedule for your project. There is a $9,000 per week penalty for each week the project is delayed beyond week 9. In addition, your project team determined that indirect costs are $15,000 per week. ACTIVITY Immediate Predecessor (s) NORMAL TIME (NT) CRASH TIME (CT) Normal Cost (NC) Crash Cost (CC) A -- 2 1 7,000 10,000 B -- 2 2 3,000 3,000 C A 3 1 12,000 40,000 D B 3 2 12,000 28,000 E C 1 1 8,000 8,000 F D, E 5 3 5,000 15,000 G E 3 2 9,000 18,000 Before crashing, the project duration is _________ week(s). The total cost of the project if we do nothing is $ __________ (round to the nearest dollar). The minimum cost…
Using the table above please indicate: The expected duration for the activities #1 & #5 (using PERT estimation) Which activities the project start with? Using duration of 3 for activity #9 and suppose that the total duration of the project is 50. What is the Latest Time to finish and to start for the direct preceding activities of activity #9?
The entire process of project time management can be enhanced considerably by scheduling periodic meetings. What is the objective of such a meeting, and who should participate?
Consider the following project where times are in weeks. Activity Immediate Predecessors Duration A - 8 B - 12 C A,B 7 D B 4 E A 2 F C 3 G E,F 7 H D,F 3 What is the slack for activity G? a. 7 b. -7 c. 0 d. 1 There have been several variances in the cost and schedule estimates on your project, and the original estimating assumptions are no longer valid. The variances will likely continue until the end of the project. Calculate the estimate at completion (EAC) for your project based on the following data? BAC = $1,000,000 EV = $200,000 PV = $400,000 AV = $150,000 CPI = 1.333SPI = 0.5 a. $1,425,142 b. $751,879 c. $1,050,000 d. $1,200,120
Describe the many elements to consider when selecting how to finance a project.Analyze the use of project management software to lower project costs.
Environment Recycling, Inc. must clean up a large automobile tire dump under a state environmental cleanup contract. Suppose that some of the activities in the Environment Recycling, Inc. project can be crashed. The table below shows the crash times and costs associated with performing the activities at their original (normal) times and also for the crash times (all times are in weeks). Activity A B с DEF VI G H I Predecessor(s) | < < | A A B, C, D D D E F, G, H Normal Time 5 8 7 6 8 3 3 4 6 Crash Time 4 6 6 5 6 2 2 3 5 Normal Cost $430 1,950 900 620 1,900 900 500 580 850 Crash Cost $780 2,350 1,200 1,020 2,400 1,100 650 780 1,250
A project has 7 activities P, Q, R, S, T, U, and V. Three time estimates (optimistic, most-likely, pessimistic) are used for each activity. Write down your answers to all parts of the question in the box given below. Give your answer to 3 decimal places. (Note (a) has of 2 parts and (b) has of 3 parts) For activity Q, these time estimates are as follows: optimistic time = 9, most-likely time = 14, pessimistic time = 20. Write down the average activity time for Q the variance of activity time for Q. The critical path of this project has a mean project time of 44 days and a standard deviation of 5 days. Assume project completion time is normally distributed. Find the probability that the project will be completed in 47 days. Find the probability that the project will take more than 40 days. We want to set a deadline for this project completion. If the probability of meeting this set deadline is 0.88, what will be the deadline for this project.
Using the information provided along with your project definition, project scope statement, and any assumptions you think you need to make, perform the activities below: Determine the activities (tasks) required to accomplish the project. This is a rough draft task list at this point. Identify the major milestones from the task list. Create a Project Charter, a template is provided below, but feel free to use any template you prefer
Differentiate between the benefits and drawbacks of project scheduling. Please include any needed details, examples, and definitions.
Discuss project finance considerations.Project management software may minimize project costs.
Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
Discuss why defining the scope of a project in the beginning phase of any project is critical. Are the scope and schedule related? Why or why not?

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