Which of the following statements regarding PERT analysis is TRUE?Select one:O a Project variance is the sum of all activity variances.O b. Project standard deviation is the sum of all critical activity standard deviations.O c. Each activity has two estimates of its duration.O d. Only critical activities contribute to the project variance

Program Evaluation and Review Technique (PERT) is a project management and scheduling technique used…

Answered: Which of the following statements…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

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

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Consider the office renovation project data in the following table. A "zero" time estimate means that the activity could take 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 the standard 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.) b. Find the date by which you would be 80 percent sure of completing the project. Refer to the standard normal table. One is 80 percent sure the project will be complete in days. (Enter your response rounded up to the next whole number.) Data table Activity START ABCD E F G H - XL NOOON NOTO J K Optimistic 0 7 0 15 FINISH 3 2 6 0 2 2 0 1 0 Time Estimates (days) Most Likely 0 10 ON - w ~ ~No WO-8 20 10 Print Pessimisitic 0 OWN ON Or W Ñ A ∞…
Can you detect the risk management of the project “Organising a Fan Convention at Birkbeck. This could be to organise an event/concert that could connect students/staff with a celebrity of their liking. Identify – minimum 15 different risks • Analyse Use the probability/impact matrix and place all risks there For 5 risks, from different boxes, explain in detail why you think they have that level of probability and impact on the project. (use 1-2 slides) • Response strategies and specific response actions• Use the simplified risk register provided in the lecture and seminar• For 5 risks, propose a response strategy AND specific response actions for each of these. • At least one of these 5 risks should be a positive risk
Hi, can you help me find one positive risk and find the response strategy and specific response action for it and also explain in detail why you think they have that level of probability and impact on the project. can you also place it in the probability impact matrix. here is a picture of my work, if you can just follow as I did for the positive risks. Thanks in advance
What are the differences between bottom-up and top-down estimating approaches? Determine advantages and disadvantages for using each approach. Under what conditions would you prefer one over the other? Provide a specific example to support your response.
Give an explanation of how earned value management (EVM) may be used to keep expenses under control and monitor the overall effectiveness of a project, and then hypothesise as to why it is not utilised more often. How can one determine if the data for cost variation, schedule variance, cost performance index, and schedule performance index are healthy or unhealthy? What are some basic rules of thumb?
Ten weeks of data on the Commodity Futures Index are 7.36, 7.41, 7.56, 7.57, 7.61, 7.53, 7.53, 7.71, 7.63, and 7.56. (a) Construct a time series plot. 1 2 3 4 What type of pattern exists in the data? Week 5 The data appear to follow a horizontal pattern. O The data appear to follow a cyclical pattern. O The data appear to follow a trend pattern. O The data appear to follow a seasonal pattern. 6 8.5- 8.3 8.1 7.9+ 7 7.7 7.5- 8 7.3 7.1 6.9 6.7 6.5 + 01 23 4567 7 8 9 10 11 Week 9 8.5- 8.3- 10 8.1 7.9 7.7+ 7.5- 7.3 7.1 6.9 6.7 6.5 0 1 2 Time Series Value 7.36 7.41 7.56 (b) Use trial and error to find a value of the exponential smoothing coefficient a that results in a relatively small MSE. (Round your answers to two decimal places.) 7.57 7.61 7.53 3 4 7.53 7.71 5 67 7 8 9 10 11 Week 7.63 7.56 a = 0.1 Forecast α = 0.3 Forecast J C O Index DIC a = 0.8 Forecast 8.5 8.3- 8.1 7.9 7.7 7.5- 7.3 7.1 6.9 6.7 6.5 0 8.5 T 8.3- 8.1 7.9- 7.7- 7.5 7.3 7.1 6.9- 6.7- 6.5 1 2 3 4 5 678 Week + 0 1 2 3 4 8 9…
What are the main challenges and considerations in choosing an appropriate system modeling approach for a specific project?
Describe with the aid of a sketch, an outline of a typical project risk record template. Include within the template an example of the data it might contain.
Recently, you were assigned to manage a project for your company. You have constructed a network diagram depicting the various activities in the project (shown below to the right). In addition, you have asked your team to estimate the amount of time that they would expect each of the activities to take. Their responses are shown in the following table: D ew an example Activity A B с D Get more help. E Optimistic 4 5 4 1 Time Estimates (days) Most Likely 8 8 5 4 3 a. What is the expected completion time of the project? The expected completion time is days. (Enter your response as an integer.) 8 Pessimistic 12 12 7 5 MacBook Pro 9 Start + B D ( Finish A Q Q Clear all Check answer +
We reduce Activity B to 4 weeks on each of the six houses.What affect will that have on the project completion time? Show work on the template provided. The x axis is the number of houses The y axis is time (number of weeks)
The chart below shows the initial investment and expected yearly payback for Project A and Project B Project A Project B Initial Investment $ 300,000 $ 450,000 Expected Yearly PayBack $ 45,000 $ 90,000 For Project A, There has been a change in the expected yearly payback. Years 1 and 2 – you are expecting $45,000 each year. For the next three years, you are expecting $70,000 each year. What would be the average ROI for this alternative?
Consider the office renovation project data in the following table. A "zero" time estimate means that the activity could take 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 the standard 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.)

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