Practical Management Science
Practical Management Science
6th Edition
ISBN: 9781337406659
Author: WINSTON, Wayne L.
Publisher: Cengage,
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Concept explainers

Critical Path Method
The critical path is the longest succession of tasks that has to be successfully completed to conclude a project entirely. The tasks involved in the sequence are called critical activities, as any task getting delayed will result in the whole project get…
Cost Analysis
The entire idea of cost of production or definition of production cost is applied corresponding or we can say that it is related to investment or money cost. Money cost or investment refers to any money expenditure which the firm or supplier or producer …
Inventory Management
Inventory management is the process or system of handling all the goods that an organization owns. In simpler terms, inventory management deals with how a company orders, stores, and uses its goods.
Project Management
Project Management is all about management and optimum utilization of the resources in the best possible manner to develop the software as per the requirement of the client. Here the Project refers to the development of software to meet the end objective…
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Describe CPM with Three Activity Time Estimates? 

Expert Solution
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Step 1: Critical Path Method (CPM)

It is an algorithm to assign the sequence of project activities to be completed so that the entire project is completed within the time and budget considerations. The project must be completed within the constraints presented. The critical project activities are identified using this method and these activities must be completed on time so the overall project is completed on time. A critical path method with three activity estimates is known as the program evaluation and review technique (PERT). It has three activity time estimates.

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