Practical Management Science
6th Edition
ISBN: 9781337406659
Author: WINSTON, Wayne L.
Publisher: Cengage,
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Assess the planning, monitoring, and controlling of projects using the Program Evaluation and Review Technique(PERT)/Critical Path methods(CPM), including factors such as early start late finish, duration, and precedence in the project path. Share an example of a real world application.
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- Explain how earned value management (EVM) may control costs and monitor project success and hypothesise why it is not utilised more commonly. What are some guidelines for evaluating cost variation, schedule variance, cost performance index, and schedule performance index numbers?arrow_forwardThere are various types of project organizations. Certain types of project organizations work best for certain types of projects. For example, there are pure project organizations, functional project organizations, centrally-organized project organizations, matrix project organizations, and mixed project organizations. Select any one type of project, such as software development, research and development, building construction (commercial, residential, etc.), public sector work, accounting, procurement, or financial, and discuss the best project organization that would suit the project type you selected.arrow_forwardExplain how earned value management (EVM) may control costs and monitor project success and hypothesize why it is not utilized more commonly. What are some guidelines for evaluating cost variation, schedule variance, cost performance index, and schedule performance index numbers?arrow_forward
- Below is information about a project to implement a new manufacturing cell to assemble personal digital assistance devices Calculate the expected time for all tasks and maintain one decimal place. Complete a critical path analysis. Complete forward and backward passes. What is the critical path? What is the project duration? What is the latest start for Activity 4 "Secure patent?"?arrow_forwardWhat is the critical path of a project best described as?arrow_forwardExplain how finding the customer requirements relates to the business goals in the project charter.arrow_forward
- Select a project based on the definition "A project is a temporary endeavor undertaken to create a unique product, service, or result" What project have you selected? Explain. Provide reasons for selecting the project. What kind of organization or industry does your selected project belongs to? How does the project you selected fit the definition of a project? Is your selected project constrained by performance, cost, or schedule? Why or why not?arrow_forwardUse the following project status information to calculate each of the requested EVM numbers below (a-i).The project status is reported at the end of week 13. Task Budget Cost Budget Duration Status as of Week 13 A $5,000 2 Weeks 100 percent complete $5,000B $8,500 3 Weeks 100 percent complete $9,000C $15,000 4 Weeks 75 percent complete $14,000D $10,000 4 Weeks 50 percent complete $9,000 E $12,000 4 Weeks Not startedF $15,000 5 Weeks Not started a. Planned Valuedb. Actual costc. Cost varianced. Schedule variancee. Cost performance indexf. Schedule performance indexg. Budget at completionh. Estimation to completei. Estimation at completionarrow_forward
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