Question 4: 25 points Consider the project represented below that has a deadline of 26 weeks. All activity times are in weeks. Activity Predecessor a m b A - 4 6 10 B A 11 12 13 C A 4 10 18 D B,C 5 7 10 .SMU Tm'l'mw\" 3 Sreekumar R. Bhaskaran Answer the following questions based on the information provided: 1. Conduct a PERT analysis and determine the probability that the project would be complete within the deadline of 26 weeks. 2. Conduct a MonteCarlo simulation of the project and determine the risk associated with a com mitment to 26 weeks. 3. Although the deadline for the project is 26 weeks, the project manager believes it would be beneficial to complete the project as early as possible. As a result, she is evaluating the possibility of allocating additional resources to reduce the project duration. After discussion with the team, it was pointed out that one available option is to shorten the duration of activity B. The manager is presented with two options to implement crashing of activity B. (a) In the first option, before the start of the project, the project manager could dedicate ad- ditional resources such that the time required to complete activity B will be reduced by 1 week. Note that since this decision is made well in advance to the start of the project. the manager would not know how many weeks any of the activities (A, B, C or D) would require for completion when the decision to allocate additional resources to activity B is made. (b) The second option is more flexible. Immediately after the completion of activity A. the team expects to know the exact duration of activities B and C. The manager can decide to dedicate additional resources at this time. The cost of this option is $12,000 and it will reduce the actual duration of activity B by 1 week. Which option should the manager choose? Why