What is the probability that the simple project will be completed in 29 days? and How long will it take for the project to most probably complete? Situation: A project has a critical path of 1-2-3-4-5. In the parentheses are the probabilisticdurations of each activity: 1-2 (4,6,8), 2-3 (7, 10, 14), 3-4 (3, 7, 12), 4-5 (5, 9, 13). *Givendurations are in days.

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What is the probability that the simple project will be completed in 29 days? and How long will it take for the project to most probably complete?

Traffic and Highway Engineering

5th Edition

ISBN:9781305156241

Author:Garber, Nicholas J.

Publisher:Garber, Nicholas J.

Chapter14: Highway Surveys And Location

Section: Chapter Questions

Problem 16P

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Concept explainers

Budget Estimating

The term budget signifies a plan over the long run, generally, a year that covers the financial expenses and revenues of any organization. This budget plan is known to estimate the growth and success of any organization. Civil engineering companies utilize project budgets for estimating project costs, construction costs, and other direct and indirect costs related to the project being undertaken. Project budget is a detailed statistical tool primarily used by project managers to estimate the overall project cost. The project budget is in the form of a document that includes all the costs which are incurred during the project undertaking and after the completion of the project. Large commercial projects have the project budget estimate in the form of large detailed pieces of documents which include every cost estimate regarding man and materials. Labor costs, material procurement costs, construction costs, and operational costs are some of the costs that are incurred during the project execution and planning phase.

Question

What is the probability that the simple project will be completed in 29 days? and How long will it take for the project to most probably complete?

Situation: A project has a critical path of 1-2-3-4-5. In the parentheses are the probabilistic
durations of each activity: 1-2 (4,6,8), 2-3 (7, 10, 14), 3-4 (3, 7, 12), 4-5 (5, 9, 13). *Given
durations are in days.

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