Loose-leaf for Operations Management (The Mcgraw-hill Series in Operations and Decision Sciences)
12th Edition
ISBN: 9781259580093
Author: William J Stevenson
Publisher: McGraw-Hill Education
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Textbook Question
Chapter 17, Problem 9DRQ
Why might a probabilistic estimate of a project’s completion time based solely on the variance of the critical path be misleading? Under what circumstances would it be acceptable?
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Students have asked these similar questions
You have determined the following for a given project:
Expected completion time of the project = 26 weeks
Standard deviation of project completion time = 8
What is the probability of completing the project in more than 32 weeks?
answer as a decimal and take it to four places.
Answer following 4 questions
1: The probability that the project would be completed within 40 days:
Group of answer choices
0.0228
0.0456
0.4772
0.9772
None of the above
2: The probability that the project would take longer than 40 days is:
Group of answer choices
0.0228
0.0456
0.4772
0.9772
None of the above
3: The probability that the project would be completed within 20 days:
Group of answer choices
0.0228
0.0456
0.4772
0.9772
None of the above
4: The probability that the project would take longer than 20 days to finish:
Group of answer choices
0.0228
0.0456
0.4772
0.9772
None of the above
Compute the expected time and variance for each activity.
What is the critical path and the expected duration of the project?
What is the probability that the project will take longer than 58 days to complete?
Chapter 17 Solutions
Loose-leaf for Operations Management (The Mcgraw-hill Series in Operations and Decision Sciences)
Ch. 17 - A project manager may need two skill setsthose of...Ch. 17 - Explain the term project champion and list some...Ch. 17 - List the steps in risk management.Ch. 17 - Give some examples of ethical issues that may...Ch. 17 - What are the key advantages of using project...Ch. 17 - What is a work breakdown structure, and how is it...Ch. 17 - Identify the term being described for each of the...Ch. 17 - List the main advantages of PERT. List the main...Ch. 17 - Why might a probabilistic estimate of a projects...Ch. 17 - Define each of these terms, and indicate how each...
Ch. 17 - Why might a person wish to be involved with a...Ch. 17 - Prob. 12DRQCh. 17 - What are some aspects of the project managers job...Ch. 17 - What is the main benefit of a project organization...Ch. 17 - What trade-offs are associated with time and cost...Ch. 17 - Who needs to be involved in assessing the cost of...Ch. 17 - Prob. 3TSCh. 17 - Project management techniques have been used...Ch. 17 - Give three examples of unethical conduct involving...Ch. 17 - For each of the following network diagrams,...Ch. 17 - Chris received new word processing software for...Ch. 17 - Prepare a Gantt chart for each of the following in...Ch. 17 - a. Develop a list of activities and their...Ch. 17 - For each of the problems listed, determine the...Ch. 17 - PRINTED BY: 92248ddb24ccbc6@placeholder.10274.edu....Ch. 17 - Three recent college graduates have formed a...Ch. 17 - The new director of special events at a large...Ch. 17 - PRINTED BY: 92248ddb24ccbc6@placeholder.10274.edu....Ch. 17 - The project described in the following table is...Ch. 17 - The following precedence diagram reflects three...Ch. 17 - A project manager has compiled a list of major...Ch. 17 - Here is a list of activity times for a project as...Ch. 17 - The project manager of a task force planning the...Ch. 17 - PRINTED BY: 92248ddb24ccbc6@placeholder.10274.edu....Ch. 17 - Chucks Custom Boats (CCB) builds luxury yachts to...Ch. 17 - Prob. 17PCh. 17 - Create a risk matrix in the style of Figure 17.13...Ch. 17 - Create a risk matrix for this project: Explain...Ch. 17 - CASE: The Case of the Mexican crazy quilt 1. The...Ch. 17 - CASE: The Case of the Mexican crazy quilt 2. The...Ch. 17 - CASE: The Case of the Mexican crazy quilt 3. The...Ch. 17 - CASE: The Case of the Mexican crazy quilt 4. The...Ch. 17 - CASE: The Case of the Mexican crazy quilt 5. The...Ch. 17 - B. Smitty Smith is a project manager for a large...
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- A completion time (X) is expected to be 52 weeks, with a variance of 64. What is the probability the project will be completed 16 weeks before its expected completion date? Assume X is normal.arrow_forwardRefer to either Case 7.1 Alaska Fly-Fishing Expedition, 7.2 Silver Fiddle Construction, 7.3 Trans LAN Project, and 7.4 XSU Spring Concert of your text. Each of these cases presents you with a project scope statement for a fictional project. You are to pick 1 of these cases on which to perform a risk analysis. After picking a case of your choice, you should address the following: Identify potential risks associated with this project (you must come up with at least 5 different risks).arrow_forwardThe expected duration of a project is 26 weeks and the total project variance along the critical path is 11.555 Calculate the probability of completing the project in 25 weeks. Calculate the Z value which is used for finding the probability of completion of the project from the normal distribution table O a. + 0.0865 O b. + 0.2942 O C. - 0.0865 O d. - 0.2942arrow_forward
- What is the probability that the project will be completed by a specific date?arrow_forwardFrom the following data, calculate BAC, BCWS, BCWP, ACWP, EV, CV and SV when the Status Checking Date is May 5, 2017. Is the project over or under budget? By what percentage? Is the project behind or ahead of schedule? By what percentage? Project Status Status Checking Date 5/5/2017 Actual Effort Estimated Actual Completion Estimated Work Effort by Status Checking Date Completion Date Tasks Date (mm/dd/yy) (mm/dd/yy) (Person Days) (Person Days) 10 2/5/2017 2/5/2017 15 20 3/15/2017 3/25/2017 20 25 4/25/2017 4. 25 25 5/5/2017 4/1/2017 15 10 5/25/2017 10 5 6/10/2017 7 5 6/15/2017 HTML Editor 2. 3. 5.arrow_forwardRefer to either Case 7.1 Alaska Fly-Fishing Expedition, 7.2 Silver Fiddle Construction, 7.3 Trans LAN Project, and 7.4 XSU Spring Concert of your text. Each of these cases presents you with a project scope statement for a fictional project. You are to pick 1 of these cases on which to perform a risk analysis. After picking a case of your choice, you should address the following: Use a risk assessment form to analyze identified risks.arrow_forward
- If the initial investment is $200,000 and cash flows are $20,000, $50,000, $80,000, and $100,000. What is the payback period of the project 3 years 6 months 3 Years Cannot be determined 2 years 6 monthsarrow_forwardThe following information has been computed from aproject:Expected total project time = T = 62 weeksProject variance (s2p ) = 81What is the probability that the project will be completed18 weeks before its expected completion date?arrow_forwardA project is scheduled to complete in six months duration. There are two activities in the project. The actual cost of Activity 1 is SAR 300,000 and that of Activity 2 is SAR 200,000. The planned value of these activities is SAR 280,000 and 150,000 respectively. On reviewing, the current project status is Activity 1 is 100% completed and Activity 2 is only 75% completed. (i) Perform the earned value calculations of the above project scenario and fill the given table. (ii) What do you infer about the project schedule and cost based on your calculations? Earned Value Planned Value Actual Cost Cost Variance Activity Scheduled Variance Cost performance Index Schedule performance Index Month 1arrow_forward
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