How can we solve this question? Project Management with UncertaintyA small project consists of activities: A, B, C, D, and E. In order to start activity E, all other activities (A, B,C, and D) need to be completed. The duration of activity A will be 1 day with probability 50% or 9 dayswith probability 50%. Activities B, C, and D have the same random duration distribution as activity A.Assume durations of activities A, B, C, and D are independent from each other. Activity E takes 1 day.What is the expected completion time of the project?

Good project management promotes efficient communication between all of the teams and stakeholders…

Answered: Project Management with Uncertainty A…

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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A project consists of Six activities: A,B,C,D, E, F. A and B have no preceding activities, but activity C requires that activity B must be completed before C can begin. Activity D cannot start until both activities A and B are complete. Activity F can start any time. Activity E requires activities A and C to be completed before it can start. If the activity times are A: 10 days; B: 4 days; C: 8 days; D: 3 days, E = 2 days, and F: 1 day, * Find out the minimum time possible to complete this project. * Are there any critical path activities? Which one are those?
A Company wants to execute a project within 95 weeks. This project includes 10 activities (labeled A, B, ..., J), where their precedence relationships are shown in the following table: Predecessor Normal Crash Normal Cost Crash Cost Activity Activity Time(weeks) Time(weeks) (in million S) (in million S) A 32 28 160 180 В 28 25 125 146 C A 36 31 170 210 D B 16 13 60 72 E 32 27 135 160 B 54 47 215 257 D 17 15 90 96 H E,G 20 17 120 132 E,G 34 30 190 226 F.C 18 16 80 84 a) Draw the project network according to the previous table. (b)Find all possible paths and the corresponding lengths to finish the project. (c) Which is the critical path and what is its length? (d) Determine the least expensive way to crash activities to reduce overall duration to 95 weeks using Marginal cost analysis.
If the first activity in a given project is D which precedes A, B. And activity A precedes H,G. And activity B precedes C,E, F. Activities C and E,G precede M and activity H precedes I. And activities M,I precede activity J, which represents the last activity in the project, and the completion times for each activity are D=5, A = 3, B=3, H=2 G=5, C=4 E= 2 F=8, M J=2 . 1-3, Find 1/ free float time the project network diagram
Limbo Technologies has embarked on another project that has an estimated completion time of 40 weeks and a standard deviation of 5 weeks. It is estimated that the project completion time is normally distributed. i)What is the probability of finishing the project in 38 weeks or less? ii)The due date for the project is set so that there is a 90% chance that it will finish by this date. What is the due duration? ACTIVITY PREDECESSOR NORMAL TIME (WEEKS) CRASH TIME (WEEKS) NORMAL COST ($) CRASH COST ($) A - 4 2 1000 1600 B - 6 3 3000 3500 C A 3 1 2500 3000 D A,B 6 5 1500 1850 E D 4 2 3500 4200 F C 4 3 2250 3000 G D 3 2 1900 2500 H F,G,E 2 1 400 500
If the first activity in a given project is D which precedes A, B. And activity A precedes H,G. And activity B precedes C,E, F. Activities C and E,G precede M and activity H precedes I. And activities M,I precede activity J, which represents the last activity in the project, and the completion times for each activity are D=5, A = 3, B=3, H=2 G=5, C=4 E= 2 F=8, M J=2 . 1-3, Find 1/critical path Method 2/ Early start time 3/ Early finish time 4/latest start time 5/latest finish time 6/float time 7/ free float time the project network diagram?
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
For this assignment, you will design a risk management plan for a project titled “prolonged waiting times for patients in a large outpatient hospital” that will include the following elements: Risk Register/Matrix (list of at least 5 (five) risks along with the associated impact and probability scores along with risk score) Contingency plan (list of any risks you will plan for in advance along with what triggers the contingency). Be sure to include any information useful to stakeholders on the rationale for the creation of these elements as well as any outside references supporting the risk management plan.
A 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)
Investment timing option: left Table shows the investment made now (year 0); right Table shows the investment made 1 year later. Discount rate is r = 10%. Probability Year 0 0.50 -$28 0.50 -$10 $11 None of the others is correct $10 Year 1 $55 $22 If this project's uncertainty in Year 0 (two scenarios with 50% chance each) is completely gone right after the end of year 0, i.e., you will know which scenario turns out to be true right after Year 0, then what is the value of this investment timing option today? [Hint: value of the option = E[NPV with option] - E[NPV] =?] 3 Year 2 $0 Probability Year 0 0.50 $0 0.50 Year 1 -$28 -$28 Year 2 $55 $22
A project has four major activities. Activity A precedes activity B, activity C precedes activity D. 3-point estimates for activities are A(4, 8, 12 ), B( 3, 6, 9 ), C( 1, 2, 3 ), D( 6, 12, 18 ) weeks. What probability would you assign to a project duration of more than 14 weeks? O a. 0.402 O b. 0.949 O c. 0.75 O d. 0.5
All of the following statements about contingency and management reserves are true EXCEPT:multiple choice Contingency reserves are established to cover identified risks. Contingency and management reserves are dependent on each other. The management reserve applies to the total project. The management reserve covers unforeseen risks. If a risk does not materialize, funds pertaining to that risk are removed from the contingency reserve.
Mangement Project management is a discipline that involves planning, organizing, and overseeing the execution of a project from initiation to completion. It encompasses defining project goals, outlining tasks, allocating resources, and managing budgets and timelines. A successful project manager must possess strong leadership skills, effective communication, and the ability to mitigate risks and solve problems efficiently. Collaboration among team members is crucial, as is the flexibility to adapt to unexpected challenges that may arise during the project lifecycle. Continuous monitoring and evaluation ensure that the project stays on track, meeting objectives and delivering value to stakeholders. Question: How can project managers encourage effective collaboration and communication among team members to ensure the successful and timely completion of a project?

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