Practice Questions - Project Management Answers

# Practice Questions - Project Management Answers - Practice...

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Practice Questions: Project Management 1. Task Immediate Predecessor(s) Optimistic Most Likely Pessimistic μ σ 2 Cost to crash (in weeks) (in weeks) (per week) A - 1 5 6 4.50 0.69 \$24,000 B - 4 5 6 5.00 0.11 \$20,500 C A 5 7 9 7.00 0.44 \$23,400 D A , B 4 8 9 7.50 0.69 \$21,250 E B 2 3 4 3.00 0.11 \$30,500 F C , D 2 5 5 4.50 0.25 \$23,075 G D , E , H 1 2 6 2.50 0.69 \$25,000 H - 6 9 9 8.50 0.25 \$22,500 1) Which is the critical path in the above project? B-D-F 2) What is the late finish time of task G? week 17 3) What is the slack of task E? 6.5 weeks 4) What is the probability that this project will be completed within eighteen weeks? Pr{ T ≤ 18 } = Pr{ z ≤ 18 - μ Τ σ Τ } = Pr{ z ≤ 18 - 17 1.056 } = Pr{ z ≤ 0.973 } = 83.48% 5) What should be the bid date for this project, so that the probability it will be completed on time is at least 95%? Bid Date = μ T + (z (95%) × σ T ) = 17 + 1.645 × 1.056 = 18.7 weeks 19 weeks 6) If you had to crash this project by two weeks, which tasks would you crash each by only one week to minimize the crash cost and what would be the crash cost? Tasks D and F for \$44,325 2.

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