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The following table represents a plan for a project TIMES (DAYS) 308 NO. PREDECESSOR 308 (5) b. Indicate the critical path Ⓒ1-4-7-10-11 Ⓒ1-2-5-8-9-11 01-3-6-8-9-11 c. What is the expected completion time for the project? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Expected completion time d. You can accomplish any one of the following at an additional cost of $1,500. If you will save $1,000 for each day that the earliest completion time is reduced, which of the following actions should be taken, if any? 1. Reduce job 5 by two days. O Yes O No 2. Reduce job 3 by two days. O Yes O No days 3. Reduce job 7 by two days. O Yes O No

The following table represents a plan for a project TIMES (DAYS) 308 NO. PREDECESSOR 308 (5) b. Indicate the critical path Ⓒ1-4-7-10-11 Ⓒ1-2-5-8-9-11 01-3-6-8-9-11 c. What is the expected completion time for the project? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Expected completion time d. You can accomplish any one of the following at an additional cost of $1,500. If you will save $1,000 for each day that the earliest completion time is reduced, which of the following actions should be taken, if any? 1. Reduce job 5 by two days. O Yes O No 2. Reduce job 3 by two days. O Yes O No days 3. Reduce job 7 by two days. O Yes O No

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...
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The following table represents a plan for a project TIMES (DAYS) 308 NO. PREDECESSOR 308 (5) b. Indicate the critical path Ⓒ1-4-7-10-11 O 1-2-5-8-9-11 01-3-6-8-9-11 9, 20 Expected completion time O Yes O No 12 c. What is the expected completion time for the project? (Do not round intermediate calculations. Round your answer to 2 decimal places.) 12 $7 Probability d. You can accomplish any one of the following at an additional cost of $1,500. If you will save $1,000 for each day that the earliest completion time is reduced, which of the following actions should be taken, if any? 1. Reduce job 5 by two days. 2. Reduce job 3 by two days. Ⓒ Yes O No 3. Reduce job 7 by two days. Ⓒ Yes O No days e. What is the probability that the project will take more than 30 days to complete? (Use Excel's NORMSDIST() function to find the correct probability for your computed Z-value. Other than the expected completion time you entered in part c above, do not round intermediate calculations. Round "2" value to 2 decimal places your final answer to 4 decimal places.)
Transcribed Image Text:The following table represents a plan for a project TIMES (DAYS) 308 NO. PREDECESSOR 308 (5) b. Indicate the critical path Ⓒ1-4-7-10-11 O 1-2-5-8-9-11 01-3-6-8-9-11 9, 20 Expected completion time O Yes O No 12 c. What is the expected completion time for the project? (Do not round intermediate calculations. Round your answer to 2 decimal places.) 12 $7 Probability d. You can accomplish any one of the following at an additional cost of $1,500. If you will save $1,000 for each day that the earliest completion time is reduced, which of the following actions should be taken, if any? 1. Reduce job 5 by two days. 2. Reduce job 3 by two days. Ⓒ Yes O No 3. Reduce job 7 by two days. Ⓒ Yes O No days e. What is the probability that the project will take more than 30 days to complete? (Use Excel's NORMSDIST() function to find the correct probability for your computed Z-value. Other than the expected completion time you entered in part c above, do not round intermediate calculations. Round "2" value to 2 decimal places your final answer to 4 decimal places.)
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Step 1; Explanation

A network diagram is a graphical representation of project which helps to identify the activity relationship using nodes and arrows. The calculation would be like given below. 

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