Exam 11: Project Management

Consider a project that has an expected completion time of 50 weeks and a standard deviation of 9 weeks.What is the probability that the project is finished in 57 weeks or fewer? (Round to two decimals.)

Given an activity's optimistic, most likely, and pessimistic time estimates of 3, 5, and 13 days respectively, compute the expected time for this activity.

Table 11-7 A project manager calculated early and late start and finish times for all activities in her eight-activity project but spilled her energy drink on the paper and the acid in the beverage wiped out some of the table entries.The remaining legible entries are correct. -Consider the project summarized in Table 11-7.What is the early finish time for Activity D?

CPM is a probabilistic analysis of managing a project.

One of the most significant benefits of PERT is that it forces the project manager to sit down and plan the project in great detail-and thus come to an understanding of relationships between the activities.

Table 11-2 The following represents a project with four activities.All times are in weeks. -According to the data in Table 11-2, what is the minimum expected completion time for the project?

Table 11-7 A project manager calculated early and late start and finish times for all activities in her eight-activity project but spilled her energy drink on the paper and the acid in the beverage wiped out some of the table entries.The remaining legible entries are correct. -Consider the project summarized in Table 11-7.What is the late start time for Activity G?

Gantt charts contain information about the time taken by each activity, but not about the sequential dependencies of the activities.

Table 11-8 A mad scientist has identified the ten steps required to create a race of atomic supermen to complete his plans for world conquest.The estimated time in weeks and cost in US dollars appear in the table along with the shortest possible duration for each activity and cost of those expedited activities.Activities are designated generically as A, B, and so on in order to avoid any copycat projects of this nature. -Consider the project summarized in Table 11-8.Suppose in addition to the costs shown in the table, the mad scientist faces a $2,000 per week opportunity cost of not being in control of the world.These costs are easy to quantify, but it's difficult to stomach not controlling the world when it's just a matter of a few extra dollars.What's the earliest this project can be completed and what would the overall project cost be?

Table 11-8 A mad scientist has identified the ten steps required to create a race of atomic supermen to complete his plans for world conquest.The estimated time in weeks and cost in US dollars appear in the table along with the shortest possible duration for each activity and cost of those expedited activities.Activities are designated generically as A, B, and so on in order to avoid any copycat projects of this nature. -Consider the project summarized in Table 11-8.What activities should be expedited in order to complete the project within a year at minimum cost?

Table 11-8 A mad scientist has identified the ten steps required to create a race of atomic supermen to complete his plans for world conquest.The estimated time in weeks and cost in US dollars appear in the table along with the shortest possible duration for each activity and cost of those expedited activities.Activities are designated generically as A, B, and so on in order to avoid any copycat projects of this nature. -Consider the project summarized in Table 11-8.What is the minimum cost project in order to finish in a year?

Table 11-5 -What is the minimum possible time required for completing the Table 11-5 project?

Table 11-8 A mad scientist has identified the ten steps required to create a race of atomic supermen to complete his plans for world conquest.The estimated time in weeks and cost in US dollars appear in the table along with the shortest possible duration for each activity and cost of those expedited activities.Activities are designated generically as A, B, and so on in order to avoid any copycat projects of this nature. -Consider the project summarized in Table 11-8.Suppose in addition to the costs shown in the table, the mad scientist faces a $2,000 per week opportunity cost of not being in control of the world.Determine the minimum cost project factoring in both the costs of expediting and the opportunity cost.What is the duration of the overall minimum cost project?

Table 11-2 The following represents a project with four activities.All times are in weeks. -According to Table 11-2, there are four activities in the project.Assume the normal distribution is appropriate to use to determine the probability of finishing by a particular time.If you wished to find the probability of finishing the project in 20 weeks or fewer, it would be necessary to find the variance and then the standard deviation to be used with the normal distribution.What variance would be used?

The longest time path through a PERT/CPM network is called the critical path.

An alternative approach to project crashing is to use which of the following techniques?

CPM is the acronym for what?

PERT is the acronym for what?

Activity D of a project has a budgeted cost of $45,000 and is 20% complete.What is the value of work completed?

Table 11-9 A mad scientist has identified the twelve steps required to complete his "take over the world" rehabilitation.The estimated time in weeks and cost in US dollars appear in the table along with the shortest possible duration for each activity and cost of those expedited activities. -Consider the project summarized in Table 11-9.In addition to the cost of the activities, the mad scientist must rent a menagerie of comfort animals during his program.The menagerie includes a number of animals, plus the feed, along with the services of a shepherd at a cost of $700 per week.What is the duration of the normal completion time and total project cost at that time? The mad scientist discovers he is allergic to llamas and decides to finish the project as quickly as possible in order to get the animals out of his studio apartment in Greenwich Village.What activities should be crashed to minimize the project duration? What is the new project duration and cost?