Charlie is planning to open a Chinese food restaurant “Dragon Express” in Montana. The following table lists all of the activities involved in the opening of the restaurant. Charlie is able to provide his three best estimates for each activity and he wants to know when his restaurant can be open. Use POM-QM to analyze the project and answer the following questions. Activity #Activity namePredecessorsTime estimates in weeks (a,m,b)1Select location and obtain financing-2,4,82Rent negotiation and sign paper work11,2,23Cleaning and renovation of the resturant24,6,84Design resutrant menu-1,1,15Order and recieve equipment and other necessities2,44,8,126Install equipment3,51,1,17Hire employees61,2,28Final examination71,2,3 Based on the result of POM-QM, the expected completion time of the project is (type number only, no text, no decimals)Based on the result of POM-QM, the standard deviation of the project completion time is (type number only, two decimals, no text)

The longest set of tasks in a project that must be finished on time in order for the project to be finished on time is known as a network critical route or path. It is the order in which the tasks have no buffer time or slack. The project as a whole will be delayed if any task on the critical path is postponed.Activity Expected Time & Variance Calculation:Formulas used-Expected time = [(a=4m+b)/6]Variance = [(b-a)/6]2 ActivityPredecessorsTimeExpected timesVarianceamb1-2484.331211221.830.0283246860.4444-1111052, 4481281.77863, 511110761221.830.0288712320.111Project Schedule Calculation:Formulas used-Forward Pass:Early Start (ES) = Max EF value from immediate Predecessor(s)Early Finish (EF) = ES + DurationBackward Pass:Late Start (LS) = LF – DurationLate Finish (LF) = Min LS value from immediate Successor(s)SLACK = LS – ES or LF – EFExcel Calculations: ActivityPredecessorsDurationEarly StartEarly FinishLate StartLate FinishSlackCritical Activity1-4.3304.3304.330Yes211.834.336.174.336.170Yes3266.1712.178.1714.172No4-1015.176.175.17No52, 486.1714.176.17140Yes63, 5114.1715.1714.17150Yes761.8315.171715.17170Yes872171917190YesThe critical path of the project is 1-2-5-6-7-8The expected project completion time is 19 weeksThe variance of the critical path = 1+0.028+1.778+0+0.028+0.111 = 2.94 weeksThus the standard deviation = √Variance = √2.94 = 1.72 weeksTherefore-Part (A):Based on the results of POM-QM, the expected completion time of the project is 19 weeks.Part (B):Based on the results of POM-QM, the standard deviation of the project completion time is 1.72 weeks

Answered: Charlie is planning to open a Chinese…

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...

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Charlie is planning to open a Chinese food restaurant “Dragon Express” in Montana. The following table lists all of the activities involved in the opening of the restaurant. Charlie is able to provide his three best estimates for each activity and he wants to know when his restaurant can be open. Use POM-QM to analyze the project and answer the following questions.

Activity #	Activity name	Predecessors	Time estimates in weeks (a,m,b)
1	Select location and obtain financing	-	2,4,8
2	Rent negotiation and sign paper work	1	1,2,2
3	Cleaning and renovation of the resturant	2	4,6,8
4	Design resutrant menu	-	1,1,1
5	Order and recieve equipment and other necessities	2,4	4,8,12
6	Install equipment	3,5	1,1,1
7	Hire employees	6	1,2,2
8	Final examination	7	1,2,3