Follow up to previous question: 3) A company decides to plan a project, with activities, precedences and random duration statistics given in the following table: Activity Immediate Predecessors Duration Minimum (weeks) Duration Mode (weeks) Duration Maximum (weeks) A none 2 5 9 B A 1 6 8 C A 3 5 12 D B 2 4 12 E B, C 4 6 8 F B 6 7 8 G D, E 1 2 6 H F, G 4 6 16 Questions: 1) What method should be used? Compute the mean and variances for each activity and add them to the table above. 2)Draw the project network and label the arcs with the activity name. 3) Assuming that the critical path is AàBàP1àEàGàH, compute the probability that this path duration is between 28 weeks and 32 weeks. 4) Assuming that the critical path is AàBàP1àEàGàH, compute the number of weeks within which the project will be completed with probability 0.95.
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.
Follow up to previous question:
3) A company decides to plan a project, with activities, precedences and random duration statistics given in the following table:
|
Activity |
Immediate Predecessors |
Duration Minimum (weeks) |
Duration Mode (weeks) |
Duration Maximum (weeks) |
|
A |
none |
2 |
5 |
9 |
|
B |
A |
1 |
6 |
8 |
|
C |
A |
3 |
5 |
12 |
|
D |
B |
2 |
4 |
12 |
|
E |
B, C |
4 |
6 |
8 |
|
F |
B |
6 |
7 |
8 |
|
G |
D, E |
1 |
2 |
6 |
|
H |
F, G |
4 |
6 |
16 |
Questions:
1) What method should be used? Compute the mean and variances for each activity and add them to the table above.
2)Draw the project network and label the arcs with the activity name.
3) Assuming that the critical path is AàBàP1àEàGàH, compute the probability that this path duration is between 28 weeks and 32 weeks.
4) Assuming that the critical path is AàBàP1àEàGàH, compute the number of weeks within which the project will be completed with probability 0.95.
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