a. What is the probability the project will be finished weeks or less? b. What is the probability the project will be finished in 66 weeks or less? c. What is the probability the project will take longer than 65 weeks?
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Project management is the management in which different types of knowledge and skills are needed to produce valuable products or services for customers.
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- (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!! z10.6 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?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 $1,650 Each Activity Should be Reduced BY (days) AC
- A company is willing to develop their rocket before the end of current financial year which is now 28 weeks away. The chief engineer of the company has decided to use PERT technique in order to plan, schedule and control program of development for the data given in table below. What is the probability that the program will be completed by the end of the current financial year? (all durations are in weeks). (i) G) Optimum Duration Most likely duration Pesimistic duration 1 2 3 8 13 3 2 8 4 3 8 10 4 7 10 3 6. 3 8 4 9 10 4 8. 4 9. 5 7 9. 12 6. 5 11 7 9. 14 8 4. 00 2.Limbo Technologies has embarked on another project that has an estimated completion time of 40 weeks and a standard deviation of 5 weeks. It is estimated that the project completion time is normally distributed. i)What is the probability of finishing the project in 38 weeks or less? ii)The due date for the project is set so that there is a 90% chance that it will finish by this date. What is the due duration? ACTIVITY PREDECESSOR NORMAL TIME (WEEKS) CRASH TIME (WEEKS) NORMAL COST ($) 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 5001.) You have determined the following for a given project: Expected completion time of the project = 40 weeks Standard deviation of project completion time = 8 What is the probability of completing the project in more than 44 weeks? answer as a decimal and take it to four places.
- 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.)The Farmer's American Bank of Leesburg is planning to install a new computerized accounts system. Bank management has determined the activities required to complete the project, the precedence relationships of the activities, and activity time estimates, as shown in the following table. Use POM- QM to analyze this project. According to the result of POM-QM, the expected project completion time is (type number only, no text) Activity a b C d C f 8 k Activity Description Position recruiting System development System training Equipment training Manual system test Preliminary system changeover Computer-personnel interface Equipment modification Equipment testing System debugging and installation Equipment changeover Activity Predecessor a a b, c b, c d, e d, e h f.g a 5 3 4 5 I 1 3 Time Estimates (weeks) 1 1 2 5 m 8 12 7 8 I 4 6 2.5 1. 2 8 b 17 15 10 23 1 13 9 7 1 2 11A company is setting up an assembly line to produce 90 units per hour. The table below identifies the work elements, times, and immediate predecessors. Work Element Time (Sec.) Immediate Predecessor(s) A 25 - B 18 A C 20 A D 5 B, C E 12 C F 8 E G 16 D, F H 12 G Use one of the heuristic decision rules described in Table below to balance the assembly line so that it will produce 90 units per hour. Clearly state the decision rule you use and complete the below table using the selected rule. Decision Rule Logic Longest work element Picking the candidate with the longest time to complete is an effort to fit in the most difficult elements first, leaving the ones with short times to “fill out” the station. Shortest work element This rule is the opposite of the longest work element rule because it gives preference in workstation assignments to those work elements that are quicker. It can be tried…
- A building contractor has a contract that will expire in 40 days. He has 80 men on the job and can finish the job in 50days. The wage per day of 40 men is P500 each and the other 40 men is P300, each for 8 hours work per day. The fine for the delay in the work is P10,000 per day. a.How many more men should the contractor add in order to complete the work on time? b.Assuming that the additional men to be added will be paid P400 per day, will the contractor save money by employing enough men to complete the work on time or by not adding more men and paying the fine? How much is the savings, if any? Note: No overtime work is permittedMueller & Associates is a urban planning firm that is designing a new public park in an Omaha suburb. Coordination of the architect and subcontractors will require a major effort to meet the 45-week completion date requested by the owner. The Mueller project manager prepared the following project network. Start A B F H 0 D E Finish Estimates of the optimistic, most probable, and pessimistic times (in weeks) for the activities are as follows. Activity Optimistic Most Probable A 4 8 Pessimistic 12 B 6 7 8 C 6 12 18 D 3 5 7 E 6 9 18 F 5 8 17 G 10 15 20 H 5 6 131. A company wishes to estimate the profit from two new products. The estimated cost of producing the first product is €3 per unit and it is expected to sell for €5 per unit while the second product costs €5 per unit and is expected to sell for €8 per unit. The first product takes 1 hour of packaging time per day while the second one takes 2 hours of packaging time per day. The time taken for delivery of the first product is 2 hours while the second takes just 1 hour to deliver. The total time available in the packaging and delivery sections is 6 and 8 hours per day respectively. (a) Formulate the linear programming problem. (b) Solve the problem to find the optimum solution. Clearly label and show the feasible solution space on your diagram. (c) Over what range can the coefficient for the first product vary in the objective function before the current solution is no longer optimal? (d) Over what range can the coefficient for the second product vary in the objective function before…