A Gentleman Farmer Maniacally Works on Academic Projects to Raise

question 21

Multiple Choice

A gentleman farmer maniacally works on academic projects to raise funds for his true passion,farming.He has identified seven tasks and developed three time estimates (all in days) of the next big project on the farm,replacing the fence at the comedy pasture.Tasks,precedence requirements,and time estimates are shown in the table.What is the probability that the project is completed in 31 days? $$\begin{array} { | l | l | l | l | l | } \hline \text { Activity } & \begin{array} { l } \text { Optimistic } \\\text { time }\end{array} & \begin{array} { l } \text { Most Likely } \\\text { time }\end{array} & \begin{array} { l } \text { Pessimistic } \\\text { time }\end{array} & \text { Predecessor } \\\hline \text { Corner Posts } & 4 & 5 & 6 & - \\\hline \text { String Line } & 7 & 8 & 9 & - \\\hline \text { Dig Holes } & 10 & 12 & 14 & \text { Corner Posts } \\\hline \text { Plant Posts } & 11 & 14 & 17 & \text { String Line } \\\hline \text { Weld Top Bar } & 8 & 11 & 14 & \text { String Line } \\\hline \text { Paint } & 9 & & & \text { Dig Holes, Plant } \\\hline \text { Tack Wire } & 9 & 12 & 16 & \text { Posts } \\\hline\end{array}$$

• A) 0.055
• B) 0.092
• C) 0.125
• D) 0.187

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Definitions:

Temporary Accounts

Accounts used to collect information during a single accounting period, which are reset by transferring the balance to a permanent account at the period's end.

Prepaid Expenses

Items such as supplies that will be used in the business in the future.

Current Assets

Assets that a company expects to convert into cash, sell, or consume within one year or during its operating cycle, whichever is longer.

Post-closing Trial Balance

A summary listing of all company accounts that remain after closing entries have been made, serving as a check that debits equal credits.