A Project Network Is Shown Below

question 33

Essay

A project network is shown below.Use a forward and a backward pass to determine the critical path,and then fill out the table below. Now assume that the times listed are only the expected times instead of being fixed times.Is the probability of being finished in fewer than 25 weeks more or less than 50%?

---

Definitions:

Total Surplus

is the sum of consumer surplus and producer surplus, representing the overall economic benefit to society from trade or market activity.

Consumer Surplus

The split between the sum consumers would ideally pay for a good or service and the sum they actually end up paying.

Producer Surplus

The discrepancy between the price at which sellers are prepared to offer a product and the actual selling price they obtain.

Market Failure

The failure of a market to be efficient; when the individual pursuit of self-interest leads to bad results for society as a whole.