Calculate-the-expected-time-business-and-finance-homework-help
Part I
Calculate the expected time (hours, days, weeks, or whatever) for the following tasks. Report the time to the next highest whole number.
| Task | Optimistic (shortest) Time | Most Likely Time | Pessimistic (longest) Time | Expected Time (answer) |
| A | 3 | 5 | 7 | |
| B | 10 | 15 | 20 | |
| C | 4 | 5 | 6 | |
| D | 27 | 45 | 90 | |
| E | 8 | 9 | 12 | |
| F | 81 | 93 | 98 |
Part II
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Each of these CPM diagrams corresponds to one of the task lists given below. Match them. Ex. A:#, B:#, etc. START END |
A.
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B.
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C.
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D.
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E.
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Part III
Part IV
Estimated and crash costs for each task are shown in the table below.
Answer the questions below the table.
| Version 1 | Original Estimates | Crash Estimates | Crash Differentials | ||||
|
Task (T) |
CP * |
Est. Time, weeks (ET) |
Est. cost, $1000, (EC) |
Crash Time, weeks (CT) |
Crash Cost, $1000 (CC) |
Time saved (ET-CT) |
Extra cost (CC-EC) |
| A | * | 5 | 10 | 4 | 12 | ||
| B | * | 7 | 15 | 5 | 17 | ||
| C | 5 | 8 | 3 | 12 | |||
| D | * | 6 | 6 | 5 | 8 | ||
| E | * | 9 | 12 | 8 | 15 | ||
| F | 4 | 16 | 2 | 20 | |||
| G | * | 5 | 20 | 2 | 21 | ||
| (End) | – | ||||||
CP=Critical Path. If task is on CP, then *; otherwise blank.
- Fill in the blank cells under Crash Differentials.
- Instead of the scheduled 7 weeks, Task B took 9 weeks. Which task or tasks should be crashed to make up the lost time, at minimum cost? Explain.
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