Answer all parts. A project is of 18 months. It was evaluated at the end of 3rd month. The followingfigures were collected:Earned Value = $1.2 millionActual Cost = $1.05 millionPlanned value = $1.1 millionSchedule Variance (SV) isand Cost Variance (CV) isWhat do each of these variances mean? (Complete below):SVCVIs the project healthy? Why or why not?

Given- Earned Value = $1.2 million = $1,200,000 Actual Cost = $1.05 million = $1,050,000Planned…

Answered: A project is of 18 months. It was…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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Similar questions

Using PERT, Adam Munson was a ble to determinethat the expected project completion time for the construction ofa pleasure yacht is 21 months, and the project va riance is 4.a) What is the probability that the project will be completed in17 months?b) What is the probability that the project will be completed in20 months?c) What is the probability that the project will be completed in23 months?d) What is the probability that the project will be completed in25 months?e) What is the due date that yields a 95% chance of completion?
The project described in the following table has just begun. It is scheduled to be completed in 11 weeks.Use Table B1 and Table B2. Activity Estimated Time(weeks) Standard Deviation(wks.) 1-2 4 0.70 2-4 6 0.90 1-3 3 0.62 3-4 9 1.90 a. If you were the manager of this project, would you be concerned? (Round your intermediate calculations to 2 decimal places and "Probability" values to 4 decimal places.) because the probability of finishing on schedule is only about . b. If there is a penalty of $5,000 a week for each week the project is late, what is the probability of incurring a penalty of at least $5,000? (Round your intermediate calculations to 2 decimal places and "Probability" values to 4 decimal places.) Probability Have worked this with various formulas and all come back wrong. Where am I making a mistake
Using PERT, Adam Munson was able to determinethat the expected project completion time for the construction ofa pleasure yacht is 21 months, and the project variance is 4.a) What is the probability that the project will be completed in17 months?b) What is the probability that the project will be completed in20 months?c) What is the probability that the project will be completed in23 months?d) What is the probability that the project will be completed in25 months?e) What is the due date that yields a 95% chance of completion?
Analyse the sensitivity analysis and summarise the implications of the analysis for the project, Property acquisition 50%, financing 70% and construction 50%.
Is forecasting important in a planning of a project? why? why not?
quetion 1 a)What is a burn-down chart? What purpose does it serve? b)Why should a project manager be concerned with monitoring a project’s progress? c) Describe how the SPI and CPI can be used to forecast the final cost of a project?
11. Using PERT, Adam Munson was able to determine that the expected project completion time for the construction of a pleasure yacht is 24 months, and the project variance is 4. Part 2 a) The probability that the project will be completed in 20 months = ______ (round your response to four decimal places)
The following table shows the various activities of the development of a new product in your organization; Activity Event Immediate Predecesor(s) Estimates of Activity Duration (Weeks) Optimistic (To) Most Likely (Tm) Pessimistic (Tp) Average (Te) 1 A - 2 3 4 ? 2 B A 1 2 ? 2 3 C A 1 ? 4 2.2 4 D B ? 5 6 5 5 E B 3 ? 5 4 6 F C 2 3 ? 3 7 G D ? 2 4 2.2 8 H E,F,G 3 4 6 ? 9 I H 3 ? 5 4 10 J I 2 1 3…
Problem Statement: Project Control and Monitoring You are working on a manufacturing project having a budget of PKR 3,600,000 and expected time of its completion is one year. There is an ideal condition that your budget and work are evenly spread across the duration of the project that is twelve month. At the end of forth month, the senior management has called a meeting and invited all the stakeholders to brief about the status of the project. You being the PM of this project is giving the presentation to all the attendees and informed that project is on schedule and PKR 1,800,000 have already been spent on the project. Required: Calculate Cost and Schedule Variance What is SPI and CPI of the project? Estimate at completion and Estimated time to complete?
Analyze the characteristics of a project that calls for a predictive approach to the SDLC, and the one that calls for adaptive approach.
The following table shows the various activities of the development of a new product in your organization. Activity Event Immediate Predecessor(s) Estimates of Activity Duration (Weeks) Optimistic (To) Most Likely (Tm) Pessimistic (Tp) Average (Te) 1 A - 2 3 4 ? 3 2 B A 1 2 3 2 3 C A 1 2.05 4 2.2 4 D B 4 5 6 5 5 E B 3 4 5 4 6 F C 2 3 4 3 7 G D 1.2 2 4 2.2 8 H E,F, G 3 4 6 4.167 9 I H 3 4 5 4 10 J I 2 1 3 1.5 Questions: Draw the PERT network from the given data. (
A company is willing to develop their rocket before the end of current financial year which is now 28 weeks away. The chief engineer of the company has decided to use PERT technique in order to plan, schedule and control program of development for the data given in table below. What is the probability that the program will be completed by the end of the current financial year? (all durations are in weeks). (i) G) Optimum Duration Most likely duration Pesimistic duration 1 2 3 8 13 3 2 8 4 3 8 10 4 7 10 3 6. 3 8 4 9 10 4 8. 4 9. 5 7 9. 12 6. 5 11 7 9. 14 8 4. 00 2.

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