Homework Help is Here – Start Your Trial Now!
Business
Operations Management
Question 1. Given the optimistic estimate (to), most likely estimate (tm) and pessimistic estimate (tp) as shown in Table 1, based on the positively skewed beta probability distribution in PERT (Project Evaluation & Review Technique). Table 1: Time Chart Most Likely time tm Activity Pessimistic EXPECTED time tp Standard Optimistic time to Variance TIME (te) Deviation 3 9 Q 24 R 15 27 45 2 14 17 29 47 U 8 17 V 4 10 28 W 8 11 (a) Calculate: i. Expected activity duration. i. Standard deviation (6.) of the expected duration. ii. Variance (o.)? of the expected duration. (b) Assuming that the critical Path is P-Q-T-W = 55 days i. What is the probability the project will be completed before the scheduled time (T) of 49 days (nearest estimated number)? i. What is the probability the project will be completed before the scheduled time (T) of 59 days (nearest estimated number)? (c) Describe two (2) main differences between "Critical Path Method" and "PERT - Program Evaluation Review Technique

Question 1. Given the optimistic estimate (to), most likely estimate (tm) and pessimistic estimate (tp) as shown in Table 1, based on the positively skewed beta probability distribution in PERT (Project Evaluation & Review Technique). Table 1: Time Chart Most Likely time tm Activity Pessimistic EXPECTED time tp Standard Optimistic time to Variance TIME (te) Deviation 3 9 Q 24 R 15 27 45 2 14 17 29 47 U 8 17 V 4 10 28 W 8 11 (a) Calculate: i. Expected activity duration. i. Standard deviation (6.) of the expected duration. ii. Variance (o.)? of the expected duration. (b) Assuming that the critical Path is P-Q-T-W = 55 days i. What is the probability the project will be completed before the scheduled time (T) of 49 days (nearest estimated number)? i. What is the probability the project will be completed before the scheduled time (T) of 59 days (nearest estimated number)? (c) Describe two (2) main differences between "Critical Path Method" and "PERT - Program Evaluation Review Technique

Practical Management Science
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...
See similar textbooks
icon
Related questions
Question
Question 1. Given the optimistic estimate (to), most likely estimate (tm) and pessimistic estimate (tp) as shown in Table 1, based on the positively skewed beta probability distribution in PERT (Project Evaluation & Review Technique). Table 1: Time Chart Most Likely Pessimistic EXPECTED time tp Activity Optimistic time to Standard Variance time tm TIME (te) Deviation (Oe)? 3 6 9 24 15 27 45 S 5 14 17 29 47 U 8 17 V 4 10 28 W 8 11 (a) Calculate: i. Expected activity duration. i. Standard deviation (oe) of the expected duration. ii. Variance (Ge)? of the expected duration. Assuming that the critical Path is P-Q-T-W = 55 days i. (b) What is the probability the project will be completed before the scheduled time (T) of 49 days (nearest estimated number)? i. What is the probability the project will be completed before the scheduled time (T) of 59 days (nearest estimated number)? (c) Describe two (2) main differences between "Critical Path Method" and "PERT - Program Evaluation Review Technique
Transcribed Image Text:Question 1. Given the optimistic estimate (to), most likely estimate (tm) and pessimistic estimate (tp) as shown in Table 1, based on the positively skewed beta probability distribution in PERT (Project Evaluation & Review Technique). Table 1: Time Chart Most Likely Pessimistic EXPECTED time tp Activity Optimistic time to Standard Variance time tm TIME (te) Deviation (Oe)? 3 6 9 24 15 27 45 S 5 14 17 29 47 U 8 17 V 4 10 28 W 8 11 (a) Calculate: i. Expected activity duration. i. Standard deviation (oe) of the expected duration. ii. Variance (Ge)? of the expected duration. Assuming that the critical Path is P-Q-T-W = 55 days i. (b) What is the probability the project will be completed before the scheduled time (T) of 49 days (nearest estimated number)? i. What is the probability the project will be completed before the scheduled time (T) of 59 days (nearest estimated number)? (c) Describe two (2) main differences between "Critical Path Method" and "PERT - Program Evaluation Review Technique
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps with 1 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Forecasting methods
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, operations-management and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Practical Management Science
Practical Management Science
Operations Management
ISBN:
9781337406659
Author:
WINSTON, Wayne L.
Publisher:
Cengage,
Operations Management
Operations Management
Operations Management
ISBN:
9781259667473
Author:
William J Stevenson
Publisher:
McGraw-Hill Education
Operations and Supply Chain Management (Mcgraw-hi…
Operations and Supply Chain Management (Mcgraw-hi…
Operations Management
ISBN:
9781259666100
Author:
F. Robert Jacobs, Richard B Chase
Publisher:
McGraw-Hill Education
Business in Action
Business in Action
Operations Management
ISBN:
9780135198100
Author:
BOVEE
Publisher:
PEARSON CO
Purchasing and Supply Chain Management
Purchasing and Supply Chain Management
Operations Management
ISBN:
9781285869681
Author:
Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson
Publisher:
Cengage Learning
Production and Operations Analysis, Seventh Editi…
Production and Operations Analysis, Seventh Editi…
Operations Management
ISBN:
9781478623069
Author:
Steven Nahmias, Tava Lennon Olsen
Publisher:
Waveland Press, Inc.
SEE MORE TEXTBOOKS