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) We would like to use the variance information to compute the probability that the entire project will be complete in 35 days. Screenshot attached
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) We would like to use the variance information to compute the probability that the entire project will be complete in 35 days. Screenshot attached
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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Question
(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)
We would like to use the variance information to compute the probability that the entire project will be complete in 35 days.
Screenshot
attached
thank you!!
z
Transcribed Image Text:31
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36
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A
43
44
B
с
G
D
E,F
A
B
C
D
E
F
G
Activity Earliest Start Earliest Finish Latest Start
F
ES
0
0
7
=
7
16
8
16.5
25.8
Instructions
EF
7
9.3
G
10
LS
0
6.7
7
7.8
16
17.3
25.8
Q1 Q2 Q3
16
16.5
25.8
25
33.6
H
Table 6: Activity schedule for the seven activities of the project
Variance
(rounded to 2
decimal places)
7.83
Latest
Finish
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:J44.
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.
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
33 (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.
34
35
LF
7
16
16
17.3
(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.
AN
(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)
www
P
We would like to use the variance information to compute the probability that the entire project will be complete in 35 days.
25.8
25.8
33.6
I
0.694444
Slack
(LS - ES)
0
9.3
0
0.8
0
0.8
0
J
0.1100
1.7800
0.4400
1.3600
0.6900
0.2500
0.6900
G
K
E,F
Is the Activity
Critical?
Yes
No
Yes
No
Yes
No
Yes
L
A
B
C
5
D
E
F
G
M
Activity Earliest Start Earliest Finish Latest Start
ES
0
0
7
8
N
7
16
16.5
25.8
EF
7
9.3
16
16.5
25.8
25
10
O
T 7.83
Sample Answer
Table 6: Activity schedule for the seven activities of the project
Latest
Slack
Finish
Variance
(rounded to 2
decimal places)
LF
7
LS
0
6.7
7
7.8
16
17.3
25.8
16
16
17.3
25.8
25.8
33.6
P
0.694444
(LS-ES)
0
9.3
0
0.8
0
0.8
0
0.1100
1.7800
0.4400
1.3600
0.6900
0.2500
0.6900
Is the Activity
Critical?
Yes
No
Yes
No
Yes
No
No
Yes
Q
R
S
Transcribed Image Text:34
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44
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46
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50
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Со
A B
D
A
B
C
D
E
F
G
ES
0
0
Activity Earliest Start Earliest Finish Latest Start
-
7
=
7
16
16.5
25.8
E
Project's Variance
Table 6: Activity schedule for the seven activities of the project
Variance
(rounded to 2
decimal places)
EF
7
9.3
16
16.5
25.8
25
33.6
Project's standard deviation
F
Project's Expected Duration
Target days to complete
Probability that the project will be
complete in 35 days
LS
0
6.7
7
7.8
16
17.3
25.8
1.93
35
Latest
Finish
LF
7
H
16
16
17.3
25.8
25.8
33.6
Slack
(LS - ES)
0
I
9.3
0
0.8
0
0.8
0
0.1100
1.7800
0.4400
1.3600
0.6900
0.2500
0.6900
J
Is the Activity
Critical?
Yes
No
Yes
No
Yes
No
Yes
K
A
B
L
C
D
E
F
M
Activity Earliest Start Earliest Finish Latest Start
ES
0
0
7
7
16
16.5
25.8
N
EF
7
9.3
16
16.5
25.8
25
Table 6: Activity schedule for the seven activities of the project
Latest
Finish
LS
0
6.7
7
7.8
16
17.3
25.8
LF
7
Project's Variance
16
16
17.3
25.8
25.8
33.6
O
Sample Answer
Project's Expected Duration
Sample Answer
Project's standard deviation
Target days to complete
Slack
(LS-ES)
0
9.3
0
0.8
0
0.8
0
Probability that the project will be
complete in 35 days
P
Variance
(rounded to 2
decimal places)
0.1100
1.7800
0.4400
1.3600
0.6900
0.2500
0.6900
1.93
1.3892
33.6
35
84.32%
Is the Activity
Critical?
Yes
No
Yes
No
Yes
No
Yes
Q
R
S
T
U
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