a) Based on the activity time estimates, the expected times and variance for each of the activities are (round your response to two decimal places): Activity Expected Time Variance A _____ _______ B ______ ________ C ______ ________ D _______ ________ b) The expected completion time of the project = _____ weeks (round your response to two decimal places). c) The project variance of completion time = ______ weeks (round your response to two decimal places). d) If the time to complete the project is normally distributed, then the probability that the project will be finished in 22 weeks or less = _____ (enter as a probability and round your response to two decimal places).
Critical Path Method
The critical path is the longest succession of tasks that has to be successfully completed to conclude a project entirely. The tasks involved in the sequence are called critical activities, as any task getting delayed will result in the whole project getting delayed. To determine the time duration of a project, the critical path has to be identified. The critical path method or CPM is used by project managers to evaluate the least amount of time required to finish each task with the least amount of delay.
Cost Analysis
The entire idea of cost of production or definition of production cost is applied corresponding or we can say that it is related to investment or money cost. Money cost or investment refers to any money expenditure which the firm or supplier or producer undertakes in purchasing or hiring factor of production or factor services.
Inventory Management
Inventory management is the process or system of handling all the goods that an organization owns. In simpler terms, inventory management deals with how a company orders, stores, and uses its goods.
Project Management
Project Management is all about management and optimum utilization of the resources in the best possible manner to develop the software as per the requirement of the client. Here the Project refers to the development of software to meet the end objective of the client by providing the required product or service within a specified Period of time and ensuring high quality. This can be done by managing all the available resources. In short, it can be defined as an application of knowledge, skills, tools, and techniques to meet the objective of the Project. It is the duty of a Project Manager to achieve the objective of the Project as per the specifications given by the client.
1.
The estimated times and immediate predecessors for the activities in a project at Howard Umrah's retinal scanning company are given in the following table. Assume that the activity times are independent.
|
Time (weeks) |
Immediate |
Time (weeks) |
Immediate |
||||||||||||
|
Activity |
a |
m |
b |
Predecessor(s) |
Activity |
a |
m |
b |
Predecessor(s) |
||||||
|
A |
9 |
10 |
13 |
— |
C |
8 |
9 |
12 |
A |
||||||
|
B |
5 |
11 |
16 |
— |
D |
4 |
10 |
12 |
B |
This exercise contains only parts a, b, c, and d.
a) Based on the activity time estimates, the expected times and variance for each of the activities are (round your response to two decimal places):
|
Activity |
Expected Time |
Variance |
|
|
A |
_____ |
_______ |
|
B |
______ |
________ |
|
C |
______ |
________ |
|
D |
_______ |
________ |
b) The expected completion time of the project = _____ weeks (round your response to two decimal places).
c) The project variance of completion time = ______ weeks
(round your response to two decimal places).
d) If the time to complete the project is
(enter as a probability and round your response to two decimal places).
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