Question: Please solve using excel and please show formula and solver constraints. Thanks. Auditing Project Management1 When an accounting firm audits a corporation, the first phase

Please solve using excel and please show formula

Please solve using excel and please show formula and solver constraints.

Thanks.

Auditing Project Management1 When an accounting firm audits a corporation, the first phase of the audit involves obtaining "knowledge of the business." This phase of the audit requires the activities listed in Table 1. Draw the project network and use LP to determine the critical path and the minimum number of days needed to complete the first phase of the audit. Assume that the first phase must be completed within 30 days. The duration of each activity can be reduced by incurring the costs shown in Table 2. Use LP to find the strategy that minimizes the cost of meeting this deadline. a. b. + Preds. A Determine terms of engagement B Appraisal of auditability risk and materiality Identification of types of transactions and possible errors D Systems description E Verification of, systems description F Evaluation of internal controls G Design of audit approach Table 1: Audit Activities A A C D B, E F Duration (days) 3 6 14 8 4 8 9 Cost per Day of Reducing Duration of Activity Activity A $100 Activity B $80 Activity C $60 Activity D $70 Activity E $30 Activity F $20 Activity G $50 Table 2: Reducing Audit Activity Times Maximum Possible Reduction In Duration of Activity (days) 3 4 5 2 4 4 4

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related General Management Questions!