QUANT. METHODS & STAT. BUSINESS 507: Module 6. Project Management and Waiting Time Models

Topic 6.1: Project Management:

1. What is the most important difference between PERT and CPM? - The difference between PERT and CPM is that one is a probabilistic model, while the

other is a deterministic one.

2. What is an activity? What is an event? What is an immediate predecessor?

Topic 6.2: Wait Time Models:

1. After looking at the topic of waiting models, in your own words, explain what these models are useful for.

2. What are the five operating characteristics of the queuing system. That is, it is specifically what you want to calculate or know.

3. Evaluate the following situation using the waiting time model. People randomly arrive at a bank teller at an average rate of 10 per hour. If the cashier takes an average of 5 minutes to serve each customer, what is the average number of customers in the queue and how long do they wait to be served? What happens if the average service time increases to 1 or 2 minutes?