project management, economics expertise

project management, economics expertiseProject to Arrange for Conference
Questions:
1. The table for this assignment provides best case, most typical case, and worse case estimates of task duration for each task. Using the PERT Beta distribution
formulas, compute the expected time for achieving each task and its standard deviation.
2. How long will the project take to carry out?
3. What is the standard deviation of the critical path?
4. What is project duration when 1s (standard deviation) is added? 2s? (Note that when dealing with normal distributions, about 68% of observations lie within ±1
s and about 95% of observations lie within ±2s. We do not have a normal distribution in this case. We are working with a PERT Beta distribution that is not fully
symmetric. Still, using an assumption of normality, we can get a very rough sense of the probability that a project will slip its schedule by 1s or 2s.)
5. Identify latest start, earliest start, and float times for each of the tasks in this project.

Expected duration Latest Start Earliest Start Float
ID speaker topics
Contact speakers
Select hotel
Arrange hotel accommodations
Arrange catering
Develop brochure
Print and mail brochure
Develop exhibit material
Develop workbook
Print and bind workbook
Final set-up for conference
6. An opportunity arises to have “Develop workbook” and “Print workbook” carried out earlier, in parallel to the other tasks. “Develop workbook” can begin as soon
as “ID speaker topics” is complete. Reconfigure the PERT/CPM network to reflect this change in work. How much time has been saved on the project?

 

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