The project described in the following table has just begun. It is scheduled to be completed in 11 weeks. Use Table B1 and Table B2. Activity Estimated Time (weeks) Standard Deviation (wks.) 1-2 4 0.70 2-4 6 0.90 1-3 3 0.62 3-4 9 1.90 a. If you were the manager of this project, would you be concerned? (Round your intermediate calculations to 2 decimal places and "Probability" values to 4 decimal places.) because the probability of finishing on schedule is only about . b. If there is a penalty of $5,000 a week for each week the project is late, what is the probability of incurring a penalty of at least $5,000? (Round your intermediate calculations to 2 decimal places and "Probability" values to 4 decimal places.)
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 project described in the following table has just begun. It is scheduled to be completed in 11 weeks.
Use Table B1 and Table B2.
| Activity | Estimated Time (weeks) |
Standard Deviation (wks.) |
| 1-2 | 4 | 0.70 |
| 2-4 | 6 | 0.90 |
| 1-3 | 3 | 0.62 |
| 3-4 | 9 | 1.90 |
a. If you were the manager of this project, would you be concerned? (Round your intermediate calculations to 2 decimal places and "Probability" values to 4 decimal places.)
because the probability of finishing on
b. If there is a penalty of $5,000 a week for each week the project is late, what is the probability of incurring a penalty of at least $5,000? (Round your intermediate calculations to 2 decimal places and "Probability" values to 4 decimal places.)
Probability
Have worked this with various formulas and all come back wrong. Where am I making a mistake
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