a) Develop a project network for this problem. b) Determine the expected duration and variance for each activity. c) Determine the EST, EFT, LST, LFT, and slack for each activity.
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.
A plant is acquiring new production machinery. Before the machinery can be fully functional, a number of activities must be performed. The activities, their precedence relationships, and their durations are shown in the following table.
|
|
Days |
|
||
|
Activity |
a |
m |
b |
Immediate Predecessors |
|
A |
6 |
8 |
10 |
- |
|
B |
4 |
5 |
6 |
- |
|
C |
1 |
2 |
3 |
- |
|
D |
8 |
18 |
28 |
A |
|
E |
4 |
5 |
6 |
C |
|
F |
7 |
8 |
9 |
B, D, E |
|
G |
4 |
5 |
9 |
B, D, E |
|
H |
12 |
13 |
14 |
F |
|
I |
8 |
9 |
10 |
F |
|
J |
4 |
5 |
6 |
G, H |
|
K |
2 |
5 |
8 |
I, J |
|
L |
1 |
2 |
6 |
G, H |
a) Develop a project network for this problem.
b) Determine the expected duration and variance for each activity.
c) Determine the EST, EFT, LST, LFT, and slack for each activity.
d) What is the critical path and project completion time?
e) What is the probability that the job will finish in 59 days or less?
f) What is the probability that the job will finish in 54 days or more?
g) Submit your excel file
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) Determine the EST, EFT, LST, LFT, and slack for each activity.
d) What is the critical path and project completion time?
e) What is the probability that the job will finish in 59 days or less?
f) What is the probability that the job will finish in 54 days or more?
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