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Three recent college graduates have formed a partnership and have opened an advertising firm. Their first project consists of activities listed in the following table. Use Table B. TIME IN DAYS Immediate Activity Predecessor Optimistic Most Likely Pessimistic A 5 6 В 11 6 8 11 9 12 15 D 6. F 7 H B 4 I H 8. End E, G, I Click here for the Excel Data File a. What is the probability that the project can be completed in 24 days or less? In 21 days or less? (Round your te and z values to 2 decimal places and "Standard deviation" to 3 decimal places. Round your final answers to 4 decimal places.) Days Probability 24 days or less 21 days or less

Three recent college graduates have formed a partnership and have opened an advertising firm. Their first project consists of activities listed in the following table. Use Table B. TIME IN DAYS Immediate Activity Predecessor Optimistic Most Likely Pessimistic A 5 6 В 11 6 8 11 9 12 15 D 6. F 7 H B 4 I H 8. End E, G, I Click here for the Excel Data File a. What is the probability that the project can be completed in 24 days or less? In 21 days or less? (Round your te and z values to 2 decimal places and "Standard deviation" to 3 decimal places. Round your final answers to 4 decimal places.) Days Probability 24 days or less 21 days or less

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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Three recent college graduates have formed a partnership and have opened an advertising firm. Their first project consists of activities listed in the following table. Use Table B. ΤΙME IN DAYS Immediate Activity Predecessor Optimistic Most Likely Pessimistic A 7 B 8 8 11 C A 6 8 11 9. 12 15 E 6 F D 7 G F 2 3 7 H B 4 4 I H 7 8 End E, G, I Click here for the Excel Data File a. What is the probability that the project can be completed in 24 days or less? In 21 days or less? (Round your te and z values to 2 decimal places and "Standard deviation" to 3 decimal places. Round your final answers to 4 decimal places.) Days Probability 24 days or less 21 days or less
Transcribed Image Text:Three recent college graduates have formed a partnership and have opened an advertising firm. Their first project consists of activities listed in the following table. Use Table B. ΤΙME IN DAYS Immediate Activity Predecessor Optimistic Most Likely Pessimistic A 7 B 8 8 11 C A 6 8 11 9. 12 15 E 6 F D 7 G F 2 3 7 H B 4 4 I H 7 8 End E, G, I Click here for the Excel Data File a. What is the probability that the project can be completed in 24 days or less? In 21 days or less? (Round your te and z values to 2 decimal places and "Standard deviation" to 3 decimal places. Round your final answers to 4 decimal places.) Days Probability 24 days or less 21 days or less
b. Suppose it is now the end of the seventh day and that activities A and B have been completed while activity D is 50 percent completed. Time estimates for the completion of activity D are 5, 6, and 7. Activities C and H are ready to begin. Determine the probability of finishing the project by day 24 and the probability of finishing by day 21. (Round your intermediate calculations to 3 decimal places and final answers to 4 decimal places.) Probability Day 24 Day 21 c. The partners have decided that shortening the project by two days would be beneficial. They have estimated the daily crashing costs for each activity in thousands, as shown in the following table. Which activities should be crashed? Activity First Crash Second Crash $8 $10 $9 $7 $8 $10 $11 $10 D E $9 $9 F G $7 $6 H $8 First Activity to Crash Second Set of Activities to Crash o o 00
Transcribed Image Text:b. Suppose it is now the end of the seventh day and that activities A and B have been completed while activity D is 50 percent completed. Time estimates for the completion of activity D are 5, 6, and 7. Activities C and H are ready to begin. Determine the probability of finishing the project by day 24 and the probability of finishing by day 21. (Round your intermediate calculations to 3 decimal places and final answers to 4 decimal places.) Probability Day 24 Day 21 c. The partners have decided that shortening the project by two days would be beneficial. They have estimated the daily crashing costs for each activity in thousands, as shown in the following table. Which activities should be crashed? Activity First Crash Second Crash $8 $10 $9 $7 $8 $10 $11 $10 D E $9 $9 F G $7 $6 H $8 First Activity to Crash Second Set of Activities to Crash o o 00
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