A partner in the national accounting firm mentioned in the previous questions does not believe that the
Question:
A partner in the national accounting firm mentioned in the previous questions does not believe that the time estimates for each activity can be specified with certainty. Instead, she prefers to specify a minimum, most likely, and maximum time estimate for each task. These estimates are given in the following table.
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a. Draw the activity network for this problem.
b. Use PERT to identify the expected time and variance for each activity.
c. What is the critical path? What is the expected time and variance for this path?
d. Assume that the distribution of the completion time for the critical path is normally distributed. What is the probability that it will take at least 67 days to complete theproject?
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...
Step by Step Answer:
a b Time Estimates Activity Critical Path Activity Predecessor a m b Time Variance EST EFT LST LFT ...View the full answer
Spreadsheet Modeling & Decision Analysis A Practical Introduction to Management Science
ISBN: 978-0324656633
5th edition
Authors: Cliff T. Ragsdale
