Given the following information, answer the following: Task Description Immediate predecessors Optimistic time Most likely time Pessimistic time Expected Time A Identify equipment requirements None 4 6 8 6 B Solicit bids from vendors None 6 8 16 9 C Select a system/vendor A,B 2 4 6 4 D Place order for system C 8 10 24 12 E redesign warehouse layout C 7 10 13 10 F Implement new warehouse design E 4 6 8 6 G Design system interfaced c 4 6 20 8 H Integrate the interface into the system D, F, G 4 6 8 6 I Install the system D, F 4 6 14 7 J train system operators H 3 4 5 4 k test system I, J 2 4 6 4 Task Normal cost Crashed time Additional cost to crash 1 week A 1000 4 450 B 1000 7 400 C 1500 2 600 D 2000 8 300 E 5000 7 1000 F 3000 4 550 G 8000 5 750 H 5000 4 700 I 10000 4 800 J 4000 3 400 K 5000 3 500 B-C-E-F-H-J-K = 9+4+10+6+6+4+4 = 43 weeks to complete on normal time= critical path What is the total cost required for completing this project on normal time? What is the probability of completing the project in 40 weeks? Round calculations to at least 4 decimal places. 3. If Kerry Goins wishes to finish the project 2 weeks sooner, which activity(ies) should be crashed?
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.
Given the following information, answer the following:
|
Task |
Description |
Immediate predecessors |
Optimistic time |
Most likely time |
Pessimistic time |
Expected Time |
|
A |
Identify equipment requirements |
None |
4 |
6 |
8 |
6 |
|
B |
Solicit bids from vendors |
None |
6 |
8 |
16 |
9 |
|
C |
Select a system/vendor |
A,B |
2 |
4 |
6 |
4 |
|
D |
Place order for system |
C |
8 |
10 |
24 |
12 |
|
E |
redesign warehouse layout |
C |
7 |
10 |
13 |
10 |
|
F |
Implement new warehouse design |
E |
4 |
6 |
8 |
6 |
|
G |
Design system interfaced |
c |
4 |
6 |
20 |
8 |
|
H |
Integrate the interface into the system |
D, F, G |
4 |
6 |
8 |
6 |
|
I |
Install the system |
D, F |
4 |
6 |
14 |
7 |
|
J |
train system operators |
H |
3 |
4 |
5 |
4 |
|
k |
test system |
I, J |
2 |
4 |
6 |
4 |
|
Task |
Normal cost |
Crashed time |
Additional cost to crash 1 week |
|
A |
1000 |
4 |
450 |
|
B |
1000 |
7 |
400 |
|
C |
1500 |
2 |
600 |
|
D |
2000 |
8 |
300 |
|
E |
5000 |
7 |
1000 |
|
F |
3000 |
4 |
550 |
|
G |
8000 |
5 |
750 |
|
H |
5000 |
4 |
700 |
|
I |
10000 |
4 |
800 |
|
J |
4000 |
3 |
400 |
|
K |
5000 |
3 |
500 |
B-C-E-F-H-J-K = 9+4+10+6+6+4+4 = 43 weeks to complete on normal time= critical path
- What is the total cost required for completing this project on normal time?
What is the probability of completing the project in 40 weeks? Round calculations to at least 4 decimal places.
3. If Kerry Goins wishes to finish the project 2 weeks sooner, which activity(ies) should be crashed?
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