Individual Exercise 4: Project Management 1. The main difference between PERT and CPM is that: A) PERT is more accurate than CPM. B) PERT assumes that activity durations are known. C) PERT ignores activity costs. D) CPM assumes activity durations can vary. E) PERT employs three time estimates for each activity. (0.5 marks) 2. Explain why the critical path is the longest, not the shortest, path through a network. (2 marks) 3. Solve PERT problem below. Times are given in weeks. a) Calculate the expected time and variance for each activity. Enter these values in the columns in the table above. (2 marks) b) Draw the network diagram. (2 marks) c) Which activities form the critical path? (0.5 marks) d) What is the completion time, the project variance, and the project standard deviation? (1.5 marks) e) What is the probability of completion of the project before week 42 ? (1.5 marks)