I need assistance with the following questions in: Project Scheduling. This is a follow up to a question answered earlier. Question 1) was answered. 1) A company decides to plan a project, with activities, precedences and deterministic durations given in the following table: Activity i Duration (days) Immediate Predecessors A 32 none B 21 none C 30 none D 45 A E 26 A, B F 28 C G 20 E, F 2) The company decided that the project in the previous problem has to be expedited in order to optimize (minimize) the project cost. Expediting can be used to trade direct cost for indirect cost, since expediting the project reduces the indirect cost of the project by a fixed amount per day, while expediting an activity increases its total direct cost. The Accounting Department found that indirect costs amount to $100 per day, while activity direct costs as well as their normal and expedited times are given in the table below. Activity Normal Time (days) Expedited Time (days) Normal Cost ($) Expedited Cost ($) A 32 26 200 500 B 21 20 300 375 C 30 30 200 200 D 45 40 200 800 E 26 20 700 1,360 F 28 24 1,000 1,160 G 20 18 400 550 From this table you can compute the direct cost incurred by expediting an activity by one day. Questions: 1) What is the optimal time to complete the project? 2) What is the optimal project cost?
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.
I need assistance with the following questions in: Project
This is a follow up to a question answered earlier. Question 1) was answered.
1) A company decides to plan a project, with activities, precedences and deterministic durations given in the following table:
|
Activity i |
Duration (days) |
Immediate Predecessors |
|
A |
32 |
none |
|
B |
21 |
none |
|
C |
30 |
none |
|
D |
45 |
A |
|
E |
26 |
A, B |
|
F |
28 |
C |
|
G |
20 |
E, F |
2) The company decided that the project in the previous problem has to be expedited in order to optimize (minimize) the project cost. Expediting can be used to trade direct cost for indirect cost, since expediting the project reduces the indirect cost of the project by a fixed amount per day, while expediting an activity increases its total direct cost. The Accounting Department found that indirect costs amount to $100 per day, while activity direct costs as well as their normal and expedited times are given in the table below.
|
Activity |
Normal Time (days) |
Expedited Time (days) |
Normal Cost ($) |
Expedited Cost ($) |
|
A |
32 |
26 |
200 |
500 |
|
B |
21 |
20 |
300 |
375 |
|
C |
30 |
30 |
200 |
200 |
|
D |
45 |
40 |
200 |
800 |
|
E |
26 |
20 |
700 |
1,360 |
|
F |
28 |
24 |
1,000 |
1,160 |
|
G |
20 |
18 |
400 |
550 |
From this table you can compute the direct cost incurred by expediting an activity by one day.
Questions:
1) What is the optimal time to complete the project?
2) What is the optimal project cost?
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