PERT-CPMYu and Mi Company is planning to computerize its accounting system. Its IT consultant has determined thefollowing activities required to complete this project together with the time estimates and precedencerelationships.Time estimates (weeks)Optimistic Most Likely Pessimistic5Activity DescriptionPredecessorRecruit project personnelSystem developmentSystem trainingEquipment trainingManual system testPrel. System changeoverComputer-personnel interfaceEquipment redesignEquipment testingJA81217B315CA4710DA823В. СВ. СD, ED, EEF11114133H12.57IH111System debugging and installationEquipment changeoverF, GG, IK58.11a. Determine the expected project completion time and the variance.b. What is the project's critical path?c. Determine the probability that the project will be completed in 40 weeks or less.

The critical path is a method to find the shortest duration by which a project can be completed with…

Answered: a. Determine the expected project…

Practical Management Science

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There are 11 project selection methods which are: Benefit measurement methodsBenefit/cost ratioEconomic modelScoring modelPayback periodNet present valueDiscounted cash flowInternal rate of returnOpportunity costConstrained optimization methodsNon-financial considerations. Which one of these techniques or methods are used in construction projects for the benefit of citizens?
Management Firm is a consulting company that specializes in the development of decision support systems. Time (Weeks) Activity Description ImmediatePredecessor Optimistic Most Probable Pessimistic A Report generation 2 8 12 B Web scraping 4 9 11 C Testing A, B 1 1 1 (A) Based solely on the critical path, estimate the probability that the project will be complete within 11 weeks. (Round your answer to four decimal places.) (b) Using all paths through the project network, estimate the probability that the project will be complete within 11 weeks. (Round your answer to four decimal places.)
Kimpel Products makes pizza ovens for com-mercial use. James Kimpel, CEO, is contemplating produc-ing smaller ovens for use in high school and college kitchens.The activities necessary to build an experimental model andrelated data are given in the following table: a) What is the project completion date?b) Crash this project to 10 weeks at the least cost.c) Crash this project to 7 weeks (which is the maximum it canbe crashed) at the least cost.
Management Firm is a consulting company that specializes in the development of decision support systems. Time (Weeks) Activity Description ImmediatePredecessor Optimistic Most Probable Pessimistic A Report generation 2 8 12 B Web scraping 4 9 11 C Testing A, B 1 1 1 (b) Using all paths through the project network, estimate the probability that the project will be complete within 11 weeks. (Round your answer to four decimal places.)
you decide to estimate duration and standard deviation of a project using PERT method. the project has 3 steps the following are the optimistic, most likely and pessimistic durations in weeks:step 1: 2,5,10Step 2: 1,3,13Step3: 7,8,11,what is the estimated duration and standard deviation of the project duration?Estimated Duration =16 standard Deviation =4.9Estimated Duration =18 standard Deviation =4.9Estimated Duration =18 standard Deviation =2.49Estimated Duration =16 standard Deviation =24
a) Explain with examples the differences between the following pairs of terminologies in project risk management:i.Proximity and Dormancy of a Riskii.Stakeholder Risk Threshold and Toleranceiii. iv.Variability Risk and Ambiguity RiskQualitative Risk Analysis and Quantitative Risk Analysis Risk Review and Risk Audit.b) During the execution of a project, a risk is identified by a team member. This newly identified risk is currently not in the risk register. As a project manager, list and briefly explain the steps you will take to manage this risk.c) As a project manager, you will be required to implement risk response plans for your projects. List and explain any five (5) typical outputs of this process.
Using PERT, Adam Munson was a ble to determinethat the expected project completion time for the construction ofa pleasure yacht is 21 months, and the project va riance is 4.a) What is the probability that the project will be completed in17 months?b) What is the probability that the project will be completed in20 months?c) What is the probability that the project will be completed in23 months?d) What is the probability that the project will be completed in25 months?e) What is the due date that yields a 95% chance of completion?
The project manager of a task force planning the construction of a domed stadium had hopedto be able to complete construction prior to the start of the next college football season. Afterreviewing construction time estimates, it now appears that a certain amount of crashing will beneeded to ensure project completion before the season opener. Given the following time and costestimates, determine a minimum-cost crashing schedule that will shave five weeks off the projectlength. Note: No activity can be crashed more than two weeks.CRASHING COSTS ($000)Activity Immediate Predecessor Normal Time (weeks) First Week Second WeekA — 12 $15 $20B A 14 10 10C — 10 5 5D C 17 20 21E C 18 16 18F C 12 12 15G D 15 24 24H E 8 — —I F 7 30 —J I 12 25 25K B 9 10 10M G 3 — —N H 11 40 —P H, J 8 20 20End K, M, N, P
Scope creep and feature creep are two unfavorable outcomes that may result from this. To make the distinction between the two ideas evident, explain them. What is the primary reason behind these two issues? What happens in this project's worst-case scenario if these two unfavorable circumstances arise?
Using PERT, Adam Munson was able to determinethat the expected project completion time for the construction ofa pleasure yacht is 21 months, and the project variance is 4.a) What is the probability that the project will be completed in17 months?b) What is the probability that the project will be completed in20 months?c) What is the probability that the project will be completed in23 months?d) What is the probability that the project will be completed in25 months?e) What is the due date that yields a 95% chance of completion?
11. Using PERT, Adam Munson was able to determine that the expected project completion time for the construction of a pleasure yacht is 24 months, and the project variance is 4. Part 2 a) The probability that the project will be completed in 20 months = ______ (round your response to four decimal places)
Manager Cafe "Blue Sky" is considering investing 2 (two) projects. Project X is an investment of $ 75,000 to replace a working but outdated cooling equipment. Project Y is a $ 150,000 investment to expand the dining facilities. Relevant cash flow data for the two projects over the expected 2 years are as follows: Project X Year 1 Year 2 Probability Cash Flow Probability Cash Flow 0.16 $0 0.08 $0 0.66 $50000 0.82 $50000 0.18 $100000 0.10 $100000 Project Y Year 1 Year 2 Probability Cash Flow Probability Cash Flow 0.50 $0 0.13 $0 0.50 $200000 0.74 $100000 0.13 $200000 Calculate: Expected value, standard deviation, and coefficient of variation for cash flows from each project. Compute: Risk-adjusted NPV for each project using a cost of capital of 15% for riskier projects, and 12% cost of capital for less risky projects. Which project is more…

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a. Determine the expected project completion time and the variance. b. What is the project's critical path? c. Determine the probability that the project will be completed in 40 weeks or less.