Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Pik-Fast, a chain of convenience stores, is planning to open a new store. The activities required, their immediate predecessors, and the optimistic, most likely, and

Pik-Fast, a chain of convenience stores, is planning to open a new store. The activities required, their immediate predecessors, and the optimistic, most likely, and pessimistic estimates of their times (in days) are provided below.

Activity

Description

Immediate Predecessors

Optimistic Time (days)

Most Likely Time (days)

Pessimistic Time (days)

A

Select manager

--

10

12

20

B

Select site

--

8

15

22

C

Hire workers

A

17

21

31

D

Basic training

C

3

4

5

E

Secure permits

B

12

18

30

F

Construct building

E

26

30

40

G

Purchase equipment

--

30

45

60

H

Install equipment

F,G

4

6

8

I

Advertise opening

B

15

55

89

J

Final training

D,H

2

3

4

K

Stock store

H,I

4

6

8

L

Open store

J,K

1

1

1

a) Provide the project network.

b) Identify the critical path and projected project completion time using the expected completion times.

c) Calculate the expected slack times for any path not including the critical path. For the path slack time, compute this compared to the critical path and that also considers the slack time for each activity on that path.

d) Find the probability that the critical path will be completed within 80 working days.

e) Illustrate or explain why the probability that the critical path will be finished in 80 days or less is not necessarily the probability that the project will be finished in 80 days or less. Assume that times for each activity will not change from what is provided above and no new activities are added nor are the predecessor relationships changed.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Valuation, Measuring And Managing The Value Of Companies

Authors: Tim Koller, Marc Goedhart, David Wessels

7th Edition

1119611865, 9781119611868

More Books

Students also viewed these Finance questions

Question

What exactly am I trying to accomplish with this message?

Answered: 1 week ago