For the planning of the project, the following has been done: A list of activities has been
Question:
For the planning of the project, the following has been done: A list of activities has been made, and for each activity optimistic, pessimistic, and most likely time estimates have been collected. Based on these estimates, an average expected activity time and a variance for that time have been computed. A sketch has been made to show the order and dependencies of the activities in this project. The total cost of the project is estimated between $130,000 and $137,000.
This is the data: (all times in days).
a) Compute the probability that this project is finished within the 24 days deadline.
b) It is possible to speed up activity B: finishing it within 12 days would bring an extra cost of $4,000. It is also possible to speed up activity E, finishing this in 3 days would bring an extra cost of $2,000. Based on this information, give motivated advice on speeding up the project.
Quantitative Analysis for Management
ISBN: 978-0132149112
11th Edition
Authors: Barry render, Ralph m. stair, Michael e. Hanna