The product development group at Landon Corporation has been working on a new computer software product that has the potential to capture a large market share. Through outside sources, Landon's management learned that a competitor is working to introduce a similar product. As a result, Landon's top management increased its pressure on the product development group. The group's leader turned to PERT/CPM as an aid to scheduling the activities remaining before the new product can be brought to the market. he activity time estimates (in weeks) are listed in the following table. Activity Optimistic Most Probable Pessimistic A 3 4 5 B 3 3.5 7 C 4 5 6 D 2 3 4 E 5 8 11 F 8.5 9.5 13.5 G 4.5 6 7.5 H 6 7 14 I 2 2.5 6 J 4 5 6 Based solely on the critical path, what is the probability that the project will be completed so that Landon Corporation may introduce the new product within 23 weeks? (Round your answer to four decimal places.) Based solely on the critical path, what is the probability that the project will be completed so that Landon Corporation may introduce the new product within 29 weeks? (Round your answer to four decimal places.)
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.
The product development group at Landon Corporation has been working on a new computer software product that has the potential to capture a large market share. Through outside sources, Landon's management learned that a competitor is working to introduce a similar product. As a result, Landon's top management increased its pressure on the product development group. The group's leader turned to PERT/CPM as an aid to
| Activity | Optimistic | Most Probable | Pessimistic |
|---|---|---|---|
| A | 3 | 4 | 5 |
| B | 3 | 3.5 | 7 |
| C | 4 | 5 | 6 |
| D | 2 | 3 | 4 |
| E | 5 | 8 | 11 |
| F | 8.5 | 9.5 | 13.5 |
| G | 4.5 | 6 | 7.5 |
| H | 6 | 7 | 14 |
| I | 2 | 2.5 | 6 |
| J | 4 | 5 | 6 |
Based solely on the critical path, what is the probability that the project will be completed so that Landon Corporation may introduce the new product within 23 weeks? (Round your answer to four decimal places.)
Based solely on the critical path, what is the probability that the project will be completed so that Landon Corporation may introduce the new product within 29 weeks? (Round your answer to four decimal places.)
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