t a local university, the Student Commission on Programming and Entertainment (SCOPE) is preparing to host its first rock concert of the school year. To successfully produce this rock concert, SCOPE has listed the requisite activities and related information in the following table (duration estimates measured in days). Immediate Most Activity Predecessor(s) Optimistic Probable Pessimistic A: Negotiate contract with - 10 11 12 selected musicians B: Reserve site - 8 10 12 C: Manage travel logistics A 2 7 9 for music group D: Screen & hire B 4 5 6 security personnel E: Arrange advertising C 7 7 7 & ticketing F: Hire parking staff A, D 8 9 16 G: Arrange concession sales E 6 7 11
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.
At a local university, the Student Commission on Programming and Entertainment (SCOPE) is preparing to host its first rock concert of the school year. To successfully produce this rock concert, SCOPE has listed the requisite activities and related information in the following table (duration estimates measured in days).
| Immediate | Most | ||||
| Activity | Predecessor(s) | Optimistic | Probable | Pessimistic | |
| A: | Negotiate contract with | - | 10 | 11 | 12 |
| selected musicians | |||||
| B: | Reserve site | - | 8 | 10 | 12 |
| C: | Manage travel logistics | A | 2 | 7 | 9 |
| for music group | |||||
| D: | Screen & hire | B | 4 | 5 | 6 |
| security personnel | |||||
| E: | Arrange advertising | C | 7 | 7 | 7 |
| & ticketing | |||||
| F: | Hire parking staff | A, D | 8 | 9 | 16 |
| G: | Arrange concession sales | E | 6 | 7 | 11 |
- Which project network is correct?
IMG is attached
- Compute the expected duration and variance of each activity. If required, round your answer to two decimals. If your answer is zero, enter “0”.
Activity Expected Time Variance A fill in the blank 2 fill in the blank 3 B fill in the blank 4 fill in the blank 5 C fill in the blank 6 fill in the blank 7 D fill in the blank 8 fill in the blank 9 E fill in the blank 10 fill in the blank 11 F fill in the blank 12 fill in the blank 13 G fill in the blank 14 fill in the blank 15
Critical Activity ES LS EF LF Slack Activity A fill in the blank 16 fill in the blank 17 fill in the blank 18 fill in the blank 19 fill in the blank 20 B fill in the blank 22 fill in the blank 23 fill in the blank 24 fill in the blank 25 fill in the blank 26 C fill in the blank 28 fill in the blank 29 fill in the blank 30 fill in the blank 31 fill in the blank 32 D fill in the blank 34 fill in the blank 35 fill in the blank 36 fill in the blank 37 fill in the blank 38 E fill in the blank 40 fill in the blank 41 fill in the blank 42 fill in the blank 43 fill in the blank 44 F fill in the blank 46 fill in the blank 47 fill in the blank 48 fill in the blank 49 fill in the blank 50 G fill in the blank 52 fill in the blank 53 fill in the blank 54 fill in the blank 55 fill in the blank 56 - Determine the critical path in the project network.
- What is the expected duration and variance of the critical path? If required, round your answer to two decimals.
Expected duration = fill in the blank 59
Variance = fill in the blank 60 - What is the likelihood that the project will be completed within 30 days? If required, round your answer to four decimals. Note: Use Appendix B to identify the probability.
Likelihood = fill in the blank 61 - If activity B is delayed by six days beyond its early start time, how does this affect the expected project duration? If required, round your answer to one decimal place.
A delay of 6 days to activity B affect the time to complete this project because activity B has a slack of fill in the blank 63 days. -
Using all paths through the project network, estimate the probability that the project will be completed within 30 days. Compare your answer to the answer in part e and explain. Round your answers for values to 2 decimal places and for probability values to 4 decimal places.
For path B-D-F:
fill in the blank 64
Cumulative probability fill in the blank 65
For path A-F:
fill in the blank 66
Cumulative probability fill in the blank 67
fill in the blank 68
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