Next, you would like to determine the variance of the project. Table 6 has the activity schedule for the seven activities. This schedule is determined using a network diagram; please refer to Figure 7.6 in the book. (g) Using the IF function, write a formula in J38 to display "Yes" if the activity is critical and display "No" if the activity is not critical. Copy the formula to cells J39:144. To calculate the entire project's variance, we simply add variance for activities on the critical path. (h) Using the SUMIF function, write a formula in cell F46 to compute the project's variance. (i) Project's standard deviation is the square root of the variance. Write a formula in cell F48 to compute the project's standard deviation. (j)The earliest finish time for the last activity is the Project's duration. Write a formula in cell F50 to compute the project's duration. (Hint: You have to only refer to the cell range) cances en ser We would like to use the variance information to compute the probability that the entire project will be complete in 35 days. In Excel, the probability can be computed using NORM.DIST function. NORM.DIST function takes four arguments, viz, X, mean, standard_dev (standard deviation), and cumulative (whether the probability is cumulative or not). X is the target days to complete (cell F52), the mean is the project's expected duration (cell F50), the standard_dev is the standard deviation (F48), and the cumulative probability is TRUE. To see how to apply NORM.DIST function, you can watch the youtube videos (i) https://www.youtube.com/watch?v=OCJudfW_gHY or (ii) https://www.youtube.com/watch?v=p_KApjpyBHE (k) Using NORM.DIST function, write a formula in cell F54 to compute the probability that the entire project will be complete in 35 days. Activity Earliest Start Earliest Finish Latest Start A B C D E F G ES 0 o 0 = 7 7 7 Table 6: Activity schedule for the seven activities of the project Variance (rounded to 2 decimal places) 16 16 16.5 25.8 EF 7 02 9.3 3 16 16.5 25.8 25 33.6 LS 0 57 6.7 7 7 70 7.8 16 17.3 25.8 Latest Finish LF 7 16 16 16 17.3 25.8 25.8 33.6 Slack (LS-ES) 0 9.3 0 0.8 0 0.8 0 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 Is the Activity Critical? Activity Earliest Start Earliest Finish Latest Start A B C D E F ES Sample Answer Table 6: Activity schedule for the seven activities of the project Latest Finish 0 7 7 16 16.5 25.8 EF 7 9.3 26 26.5 25.8 33.6 LS 0 6.7 7 7.8 16 17.3 25.8 LF = 7 26 16 17.3 25.8 25.8 33.6 Slack (LS-ES) 0 2.3 0 0.8 0 0.8 = 0 Variance (rounded to 2 decimal places) 0.1100 1.7800 0.4400 1.3600 0.6900 0.2500 0.6900 Is the Activity Critical? Yes No Yes Yes No Yes