Consider the Following PERT/CPM Network with Estimated Times in Weeks

question 43

Essay

Consider the following PERT/CPM network with estimated times in weeks.The project is scheduled to begin on May 1. The three-time estimate approach was used to calculate the expected times and the following table gives the variance for each activity: ​
a.Give the expected project completion date and the critical path.
b.By what date are you 99% sure the project will be completed?

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Definitions:

Cost Variance

The difference between the estimated cost of a project or production and the actual cost incurred.

Standard Cost

A predetermined cost of manufacturing, established based on historical data, for the purpose of budgeting and performance evaluation.

Actual Cost

The true cost incurred to produce a good or deliver a service, including all direct and indirect expenses.

Cost Variances

Cost variances refer to the difference between the expected (budgeted) costs and the actual costs incurred during a specific period.