Create a PERT model of this project and use it to answer these questions: 1. What is the expected completion time of this project? 2. What completion time should Sharon use, if she wants to be 90% confident? 3. What is the probability of completion by week 43? 4. Give an estimated probability distribution for the amount of penalties Sharon will have to pay. 5. What is the expected value of the penalty? 6. Which activities are most likely to be on the critical path? 7. Compare the PERT results
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Critical Path Method (CPM) ……………………………………………………………..…………………………………… 8 2.2.1 Steps of CPM Project Planning ……….……………………………………………………………………………… 9 2.2.2 Example of CPM …………………………………………………………………………………………………………… 11 2.2.3 Benefits of CPM …………………………………………………………………………………………………………… 12 2.2.4 Limitation of CPM …………….…………………………………………………………………………………………. 12 2.3 Project Evaluation and Review Techniques (PERT) ……..……………..………………………………………… 13 2.3.1 Steps of PERT in Project Planning
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CPM/PERT Presented by DATE- 08 Aug. 2014 Shravan Kumar Project “A project is a series of activities directed to accomplishment of a desired objective.” Plan your work first…..then work your plan Network analysis Introduction Network analysis is the general name given to certain specific techniques which can be used for the planning, management and control of projects. One definition of a project: “A project is a temporary endeavour undertaken to create a "unique" product or service”
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tax is ‘A’, depreciation be ‘B’ and interest be ‘I’, then Interest cover ratio is given by 8. E-V rule is also called … 9. In case of internally generated funds the opportunity cost to the firm is … b. the lending rate 10. ‘PERT’ stands for Program Evaluation and Review Technique. Part Two: 1. Write a note on ‘Sinking Fund Payment’. Answer: A sinking fund is a means of repaying funds that were borrowed through a bond issue. The issuer makes periodic payments to
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True (What is operations management? moderate) 4. Operations management is the set of activities that create value in the form of goods and services by transforming inputs into outputs. True (What is operations management? easy) 5. An example of a "hidden" production function is money transfers at banks. True (What is operations management? moderate) 6. One reason to study operations management is to learn how people organize themselves for productive enterprise. True (Why study
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harder challenges as competitions and technology grow. Growing project complexity and collapsing product/service life cycle has made businesses have to adapt to sustain their profitability and competitiveness. Hard Rock Cafe and Bechtel Group are two examples of firms that manage to adapt to these changes using their strength in managing projects. Bechtel uses their outstanding project management skills to build massive constructions all over the world. Hard Rock Cafe won’t be able to run their day-to-day
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with PERT/CPM One of the most challenging jobs that any manager can take on is the management of a large-scale project that requires coordinating numerous activities throughout the organization. A myriad of details must be considered in planning how to coordinate all these activities, in developing a realistic schedule, and then in monitoring the progress of the project. Fortunately, two closely related operations research techniques, PERT (program evaluation and review technique) and CPM (critical
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of University of Zabol, is carried out by CPM (Critical Path Method) and PERT (Program Evaluation Review Technique) methods. Results show that the minimum completion time of this project, based on using Normal time and PERT method is 390 days and 364.67 days, respectively. Also the results obtained from employing CPM method indicate that the cost of reducing the project completion time to 365 days is 23643530 Rials. Key words: Project scheduling % CPM % PERT % Agriculture INTRODUCTION Project scheduling
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Until 1900, civil engineering projects were generally managed by creative architects, engineers, and master builders themselves, for example Vitruvius (first century BC), Christopher Wren (1632–1723), Thomas Telford(1757–1834) and Isambard Kingdom Brunel (1806–1859).[8] It was in the 1950s that organizations started to systematically apply project management tools and techniques to complex engineering projects.[9] Henry Gantt (1861–1919), the father of planning and control techniques As a discipline
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1) Please identify the critical path using the activity letter provided and explain the significance of the critical path. The QSB output below shows the critical path. The path is significant because it demonstrates the path that is the most time consuming (longest to finish), as the activities on the critical path have no slack. The completion of each activity in this sequence is critical to the start of the next activity in the sequence. There is likely a “bottle neck” with one or more of these
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