Time Estimates (weeks) Activity Predecessor Activity Activity Description b a Order new machinery Plan new physical layout Determine safety changes in existing machinery Receive equipment Hire new employees Make plant alterations Make changes in existing machinery Train new employees Install new machinery Relocate old machinery Conduct employee safety orientation a 3 8. 1 3 a 4 10 25 e a 3 7 12 f b 10 15 25 6. 14 h d, e d, e, f d, e, f, g h, i, j 3 7 i 1 4 6. j 10 2 2
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 Stone River Textile Mill was inspected by OSHA and found to be in violation of a number
of safety regulations. The OSHA inspectors ordered the mill to alter some existing machinery to
make it safer (add safety guards, etc.); purchase some new machinery to replace older, dangerous
machinery; and relocate some machinery to make safer passages and unobstructed entrances
and exits. OSHA gave the mill only 35 weeks to make the changes; if the changes were not made
by then, the mill would be fined $300,000.
The mill determined the activities in a CPM/PERT network that would have to be completed
and then estimated the indicated activity times, as shown in the following table: Construct the project network for this project and determine the following:
a. Expected activity times
b. Earliest and latest activity times and activity slack
c. Critical path
d. Expected project duration and variance
e. The probability that the mill will be fined $300,000
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