A project has an expected duration of 34 weeks with a critical path variance of 6. Suppose the project network is given and the critical path is identified on the network. Suppose the normal time, crash time, and the associated cost for each activity is given. You have been asked by your supervisor to prepare a research paper that addresses the follow criteria:
- What is the probability that the project will be completed in 32 weeks or less? The answer is: (32-34)/6=-33%
- If the project is to be shortened by four days, what is the process to determine which activities, in order of reduction, would be shortened and the resulting cost.
- What are the project cost and the requirements for its determination and application in a production facility.
- Analyze implications of changes in the parameters of project timing and cost determination.
- Evaluate application of project cost and timing concepts on a firm's business operations