Project timing and cost

Project timing and cost - Running head CHANGES IN PROJECT...

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Running head: CHANGES IN PROJECT PARAMETERS 1 Changes in Project Parameters and Effects on Cost Name Institution
CHANGES IN PROJECT PARAMETERS 2 Abstract This paper discusses the probability of project being completed within 32 weeks or less given that expects duration is 34 weeks and critical path variance is 6. The paper also discusses the process of shortening project duration. In addition, the paper also discusses project cost and application in production and how changes in project parameters affect cost and timing. Mean µ = 34 and standard deviation (square root of variance) δ = 2.4495. P (X<32) =P (X−μ<32−34) =P ( X μ δ < 32 34 2.4495 ) Z = -0.82 P(x<32) = p (z < -0.82) P(x <-0.82) = 0.2061 Probability is therefore 0.2061 A critical path can be used to determine the efficient and shortest project duration. This technique involves calculating duration of every path in the project. This technique helps one to identify where to add resources to reduce project duration (Larson, Gray, & Gray, 2011). To

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