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6Sigma-HW2-10 - Table Activit y Cost per Day of Reducing...

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IE 7610 Fundamentals of Six Sigma Homework 2 (Due Feb 17) 1. When an accounting firm audits a corporation, the first phase of the audit involves obtaining “knowledge of the business”. This phase of the audit requires the activities in Table 1. Table Activit y Description Predecessors Duration(Days) A Determining terms of engagement --- 3 B Appraisal of audit ability risk and materiality A 10 C Identification of types of transactions and possible errors A 14 D Systems description B, C 8 E Verification of systems description D 4 F Evaluation of internal controls E 8 G Design of audit approach E 9 The duration of each activity can be reduced by incurring the cost shown in Table 2.
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Unformatted text preview: Table Activit y Cost per Day of Reducing Duration of Activity Maximum Allowable Reduction in Duration of Activity (Days) A $500 2 B $400 3 C $300 5 D $350 2 E $150 2 F $100 4 G $250 4 a) Draw the project diagram. b) Determine the critical path and critical activities and estimated the shortest duration for the completion of this phase. c) Determine the slack time for each activity. d) If we want to reduce the total project duration by 2 days, what is the most economical way to do it? e) Assume that the project must be completed in 30 days, what is the most economical way to get the project done?...
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