Time Estimates (days)Activity OptimisticSTARTMost LikelyPessimisiticImmediate Predecessor(s)000A5B0CDEFGHI1632JKLFINISHAABDC526524C, GHJ, KE, F, L4324240D1253U2223-20810220TO15START3012DG Consider the office renovation project data in the following table. A "zero" time estimate means that the activity couldtake a very small amount of time and should be treated as a numeric zero in the analysis.Click the icon to view the table.a. Based on the critical path, find the probability of completing the office renovation project by 40 days. Refer to thestandard normal table. (Make sure to round all intermediate calculations for to and variance to two decimal places.)The probability is . (Enter your response rounded to four decimal places.)

To find the probability of completing the office renovation project by 40 days based on the critical…

Answered: Time Estimates (days) Activity…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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10.6 This optional problem requires knowledge of statistics. Heywood Home Healthcare is evaluating a project with the following net cash flows and probabilities: Time 0 Year 1 Year 2 Year 2 Year 3 Year 4 Prob = 0.2 ($100,000) 20,000 20,000 20,000 20,000 30,000 Prob = 0.6 ($100,000) 30,000 30,000 30,000 30,000 40,000 Prob = 0.2 ($100,000) 40,000 40,000 40,000 40,000 50,000 The year 5 values include salvage value. Heywood’s corporate cost of capital is 10 percent. What is the project’s expected NPV on the basis of the scenario analysis? What is the project’s standard deviation of NPV? Assume that Heywood’s managers judge the project to have lower-than-average risk. Furthermore, the company’s policy is to adjust the corporate cost of capital up or down by 3 percentage points to account for differential risk. Is the project financially attractive?
Suppose that a task in a project has the following time estimates: to=optimistic completion time=10 weeks tm=most likely completion time=17 weeks tp=pessimistic completion time=19 weeks Compute the expected task variance. The task expected task variance is _____ weeks. (Enter your response rounded to two decimal places.)
Stinnett Transmissions, Incorporated, has the following estimates for its new gear assembly project: Price $1,220 per unit; variable costs = $3.75 million; quantity = 90,000 units. Suppose the company believes all of its estimates are accurate only to within ±15 percent. What values should the company use for the four variables given here when it performs its best-case scenario analysis? What about the worst-case scenario? Pls don't copy answer i give up vote
Image of Diagram included Using the diagram, find: The critical path. How long it will take to complete the project? How does simulation determine the probabilities of various project completion times? What is "slack" and why is it important? Why is activity-on-arrow (AOA) or activity-on-node (AON) of significant value to the project manager? How is the uncertainty in project scheduling dealt with? Should the critical path activities be managed differently from noncritical path activities? Explain.
A company is willing to develop their rocket before the end of current financial year which is now 28 weeks away. The chief engineer of the company has decided to use PERT technique in order to plan, schedule and control program of development for the data given in table below. What is the probability that the program will be completed by the end of the current financial year? (all durations are in weeks). (i) G) Optimum Duration Most likely duration Pesimistic duration 1 2 3 8 13 3 2 8 4 3 8 10 4 7 10 3 6. 3 8 4 9 10 4 8. 4 9. 5 7 9. 12 6. 5 11 7 9. 14 8 4. 00 2.
Which of the following information is required from the client for 'preliminary estimating'? Select the BEST combination. Select one: а. Site location, risk register, project requirements, budget constraints. b. Site location, key dates, sustainability strategy, budget constraints. Site location, building use, risk register, budget constraints. ос. O d. Site location, building use, key dates, budget constraints.
The following represents a project that should be scheduled using CPM: ACTIVITY ABCDEFGH А с IMMEDIATE PREDECESSORS IAABUDR C,D D,E F,G TIMES (DAYS) b a 1 1 3 - NTTTTE 1 1 1 1 2 m 5 WaNNASNU 2 5 4 2 2 6 3 ∞∞NWO3770 9 10 12 8
Explain the advantage of using probabilistic time estimate
Once the project starts, Cumulative Budgeted Cost (CBC) will periodically be compared to the: to-complete performance index forecasted costs at completion cumulative actual cost none of the above
What is the minimum cost of crashing the following project that Roger Solano manages at Slippery Rock University by 4 days? Normal Crash Activity Time (days) Time (days) A B C The total cost of crashing the project by 4 days is $. (Enter your response as a whole number.) E 5 8 6 5 By how many days should each activity be crashed to reduce the project completion time by 4 days? Fill in the table below. (Enter your responses as whole numbers.) 4 6 5 3 Activity A B C D E Normal Cost $800 $200 $600 $750 $1,200 Total Cost with Crashing Immediate Predecessor(s) $1,100 $400 $650 $1,500 $1,650 Each Activity Should be Reduced BY (days) AC
c. What is the probability of completion in 20, 21, and 22 weeks? Use Appendix A to answer the question. Do not round intermediate calculations. Round your answers to four decimal places. Probability of completion in 20 weeks: Probability of completion in 21 weeks: Probability of completion in 22 weeks:
The use of probability curves to describe a project estimate helps to deal with: Your answer: The impact of uncertainty on demand. The impact of uncertainty on estimating times. The impact of uncertainty on costs. The impact of uncertainty on satisfaction.

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