A Network Consists of the Following List

question 81

Essay

A network consists of the following list. Times are given in weeks.
a. Draw the network diagram.
b. Calculate the expected duration and variance of each activity.
c. Calculate the expected duration and variance of the critical path.
d. Calculate the probability that the project will be completed in less than 28 weeks.

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Definitions:

First-In, First-Out

A method of valuing inventory in which the first items bought or manufactured are the first ones to be sold or utilized.

Conversion Costs

The combined costs of direct labor and manufacturing overhead required to convert raw materials into finished products.

Equivalent Units

A term used in cost accounting to indicate a standard amount of work done on an incomplete unit, making it comparable to complete units.

Beginning Inventory

The value of goods available for sale at the start of an accounting period.