TIME (WEEKS) IMMEDIATE ACTIVITY PREDECESSOR a m A 9 10 11 B 4 10 16 A 10 11 D B 5 8 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.
The estimated times and immediate predecessors
for the activities in a project at George Kyparis’s retinal scan-
ning company are given in the following table. Assume that
the activity times are independent.
a) Calculate the expected time and variance for each activity.
b) What is the expected completion time of the critical path?
What is the expected completion time of the other path in
the network?
c) What is the variance of the critical path? What is the vari-
ance of the other path in the network?
d) If the time to complete path A–C is
what is the probability that this path will be finished in
22 weeks or less?
e) If the time to complete path B–D is normally distributed,
what is the probability that this path will be finished in
22 weeks or less?
f) Explain why the probability that the critical path will be
finished in 22 weeks or less is not necessarily the probabil-
ity that the project will be finished in 22 weeks or less.
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