Assignment 2 Solution Version A- Project Management Cutting Edge Systems (CES) designs and distributes a variety of management software products online and through various retail outlets located across Canada. CES is considering the development of an Internet-based forecasting system that is specifically designed for new start-up and small businesses and has entrusted you to assume the role of project manager. After consulting with technical staff and reviewing archival data from similar projects completed in the past, Table 1 was constructed to summarize the task descriptions, time estimates, and precedence relationships. Table 1: Project Description and Time Estimates (in Weeks) K- N Rl regquirements Market | 3 7 11 A P e | 2 (T B A | C | Desgn | 4 | 6 | 8 | A | D | Development | 6 | 7 | 8 | | o | | E | Testng | 2 | 4 | 12 | F | Revising | 4 | 5 | 6 | Documentation \" Quality assurance | | pricng | 1 | K | Production | 4 | | L | Distribution | 1 | o | P B | | | = CES plans to use existing software components during the development phase as a means of keeping project costs and overall timeframe within bounds. Nevertheless, multiple task time estimates are formulated to better account for the inherent uncertainties associated with software development. CES" management team has established a completion target of 26 weeks for this project. A preliminary assessment indicates that some of the project tasks would need to be shortened to meet this desired project deadline. Accordingly, a set of task-crashing estimates (shown in Table 2) has been prepared. You know that this is an important project to manage and that you must do a thorough analysis to estimate the project's completion time and budget before presenting your findings/recommendations in a business report. Table 2: Project Crash Data Task Normal Cost Crash Cost Allowable Crash (5000) (s000) Time (Weeks) A [ 20 | 0 | o | = I HI [ ra [ = II Note: If multiple critical paths exist, select the path with the highest variance (standard deviation) to use in probability calculations so that uncertainty is better accounted for. Assignment Questions: 1) (15 marks) For the \"Normal\" scenario, a. What is the critical path(s) and estimated completion time for this project? b. What is the estimated project cost? c. What is the probability that the project can be completed in 26 weeks with this project plan? 2) (20 marks) Suppose that the cost of being late to the market is estimated to be 530,000 per week if the project completion time exceeds 26 weeks. Determine the most \"Cost-Effective\" project completion time. a. Which task(s) would you recommend crashing (and how) to achieve this cheapest completion time and why? b. What is the total cost of crashing the project to complete the project in 26 weeks and is it worth it and why? c. What is the probability of completing the project in 26 weeks with this project plan