PERT - Expected Time Given the following financial project being consider by a venture firm, answer the following questions: a) What is the probability of completing the project in 17 weeks? b) What is the probability of completing the project in 24 weeks? c) What time is management 90% sure they can meet? Activity Optimistic Most Likely Pessimistic Expected Description Variance Time Time Time Time 1-2 Collect firm data 5 11 11 1-3 Analyze data 10 10 10 1-4 Determine need 2 5 8 2-6 Determine profitability 1 7 13 3-6 Evaluate risk 4 4 10 3-7 Interview owners 4 10 3-5 Check references 2 2 ON 4-5 Evaluate industry 6 6 5-7 Evaluate economy 8 14 6-7 Decide funding 4 7Earned Value 2. A sales project at month 5 had an actual cost of $34,000, a planned cost of $42,000, and a value com- pleted of $39,000. Find the cost and schedule vari- ances and the CPI and SPI. 6. A project to develop technology training seminars is 5 days behind schedule at day 65. It had a planned cost of $735,000 for this point in time, but the actual cost is only $550,000. Estimate the schedule and cost vari- ances. Re-estimate the variances if the actual cost had been $750,000