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 meet
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.
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.
-
Step by step
Solved in 3 steps
