Practical Operations Management
2nd Edition
ISBN: 9781939297136
Author: Simpson
Publisher: HERCHER PUBLISHING,INCORPORATED
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Chapter 7, Problem 2.3Q
Summary Introduction
Case Summary:
A production Company CP has signed an agreement with its client to film a short video of a major sports event that will air throughout the event in the USA. After this, the event will be available on-demand through banner advertisements over the internet. The company planned to treat the contract like a PERT chart and divided the whole task into five categories.
Interpretation:
The probability that the company CP will actually earn the bonus.
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A completion time (X) is expected to be 52 weeks, with a variance of 64. What is the probability the project will be completed 16 weeks before its expected completion date? Assume X is normal.
A project has the following risks.
40% chance of schedule delay costing $3,000
20% chance of success of a new methodology saving $4,000
a 50% chance of a legal obligation which costs $3,000
a 50% chance of unexpected savings of $10,000
What is the expected monetary value of this project?
$20,000
$8,000
-$1,400
$3,100
Using your results from Problem 6,(a) Calculate the probability that the project will be completedin 38 weeks.(b) Calculate the probability that the project will be completedin 42 weeks
Chapter 7 Solutions
Practical Operations Management
Ch. 7 - Prob. 1DQCh. 7 - Prob. 2DQCh. 7 - Prob. 3DQCh. 7 - Prob. 4DQCh. 7 - Prob. 5DQCh. 7 - Prob. 6DQCh. 7 - Prob. 1PCh. 7 - Prob. 2PCh. 7 - Prob. 3PCh. 7 - Prob. 4P
Ch. 7 - Prob. 5PCh. 7 - Prob. 6PCh. 7 - Prob. 7PCh. 7 - Prob. 8PCh. 7 - Prob. 9PCh. 7 - Prob. 10PCh. 7 - Prob. 11PCh. 7 - Prob. 12PCh. 7 - Prob. 13PCh. 7 - Prob. 14PCh. 7 - Prob. 15PCh. 7 - Prob. 16PCh. 7 - Prob. 17PCh. 7 - Prob. 18PCh. 7 - Prob. 19PCh. 7 - Prob. 20PCh. 7 - Prob. 21PCh. 7 - Prob. 22PCh. 7 - Prob. 23PCh. 7 - Prob. 24PCh. 7 - Prob. 25PCh. 7 - Prob. 26PCh. 7 - Prob. 27PCh. 7 - Prob. 28PCh. 7 - Prob. 29PCh. 7 - Prob. 30PCh. 7 - Prob. 31PCh. 7 - Prob. 32PCh. 7 - Prob. 1.1QCh. 7 - Prob. 1.2QCh. 7 - Prob. 1.3QCh. 7 - Prob. 1.4QCh. 7 - Prob. 2.1QCh. 7 - Prob. 2.2QCh. 7 - Prob. 2.3Q
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, operations-management and related others by exploring similar questions and additional content below.Similar questions
- (i) Project's standard deviation is the square root of the variance. Write a formula in cell F48 to compute the project's standard deviation.(j)The earliest finish time for the last activity is the Project's duration. Write a formula in cell F50 to compute the project's duration. (Hint: You have to only refer to the cell range)We would like to use the variance information to compute the probability that the entire project will be complete in 35 days. Screenshot attached thank you!! zarrow_forwardContract requirements state that a project must be completed within 180 working days, or it will incur penalties for late completion. Analysis of the activity network reveals an estimated project time of 145 working days with a project variance of 400. What is the probability that the project will be completed before the late-payment deadline?arrow_forwardI also know answer is d, but please explain each and every option why other option are incorrect too. Which of the following statements regarding PERT analysis is true? Each activity has two estimates of its duration. Project variance is the sum of all activity variances. Project standard deviation is the sum of all critical activity standard deviations. Only critical activities contribute to the project variance. none of these is true.arrow_forward
- One of Mary's employees, Shira, has obtained a new job and given her two weeks' notice. Shira was responsible for updating the company website with information on the new bag policy. Mary gave Shira's responsibilities to another employee in the Marketing department who has similar knowledge and skills.What is the probability of this risk occurring and what is the impact on the project? a.) Low probability and medium impact b.) High probability and high impact c.) Medium probability and low impact d.) High probability and low impactarrow_forwardA project consists of three tasks: A, B, and C. Task A is known to take five days forsure. Tasks B and C are each dependent on A. B takes five days. C takes seven dayswith a probability of 0.5 and three days with a probability of 0.5. What is the expectedcompletion time of the project?a. 8 daysb. 10 daysc. 11 daysd. 12 daysarrow_forwardActual Costs for a project so far are $50,000, and the Estimate to Complete is $50,000. If a project’s Budget at Completion was originally $120,000, what is the Variance at Completion? $50,000 $20,000 -$20,000 $70,000arrow_forward
- You complete your PERT calculations for your project and you have determined your expected duration is 57 weeks with a standard deviation of 1.81. You want your project to complete on your end date with a 60% probability. How many weeks before your goal end date do you begin your project?arrow_forwardManagement 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.)arrow_forwardA project has the following tasks and duration estimates given. These three tasks are done in succession on a project. Task Optimistic Estimate Most Likely Estimate Pessimistic Estimate Alpha 30 days 40 days 50 days Beta 20 days 25 days 28 days Charlie 4 days 10 days 12 days Delta 25 days 30 days 50 days What is the expected duration for the project? (3 points) What is the variance for the project? (3 points) What is the standard deviation of the project? (3 points) What is the range of the duration of the project given 3 sigma? (3 points)arrow_forward
- Answer all. What are the critical activities? What is the expected project duration? calculate the variance of the project What is the standard deviation (te) for the project? Suppose that management allotted 13-unit time for the project. What is the probability that we will meet the 13-unit time deadline? If management wants to have a 0.99 probability of meeting the time, what should be the scheduled project duration?arrow_forwardIf the company wants to complete the project in 40 weeks,which activities should be crashed? Calculate the additional costincurred to complete the project in 40 weeks.arrow_forwardNINETEEN. Contingency is typically managed as multiple line items in the project budget. True Falsearrow_forward
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