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Explain the expected completion time and the variance

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Reference no: EM132437967

Assignment: Mike was hired as a project manager to install hardwood floors for the company Awesome Floor and Tile. They will be installing new flooring into a local office building. Mike comes up with the list of work and estimates the time. A list of activities and their optimistic completion time, the most likely completion time, and the pessimistic completion time (all in days) are estimated in a given table. Following are the activities that are required to install the hardwood floor in the offices:

• Activity 1: Measure office room dimensions

• Activity 2: Estimate cost

• Activity 3: Material requisition

• Activity 4: Workforce requisition

• Activity 5: Special tool requisition

• Activity 6: Installation

• Activity 7: Inspection and customer acceptance

Activity 2 starts immediately after Activity 1. Activity 3, Activity 4, and Activity 5 start concurrently after Activity 2. Activity 6 does not start until after Activity 3, Activity 4, and Activity 5 are completed. The carpet installation project is complete after Activity 7 is completed. Your assignment is to write a report that addresses the following: If OT = Optimistic Time, MT = Most Likely Time, and PT = Pessimistic Time, use a Program Evaluation Review Estimate (PERT) to compute the statistical time for each activity, as in the following table:

Activities OT MT PT

Activity 1 2 3 4

Activity 2 3 6 9

Activity 3 4 8 12

Activity 4 6 8 10

Activity 5 8 10 12

Activity 6 10 14 18

Activity 7 4 6 8

You must also do the following:

• Determine and explain the expected completion time and the variance for each activity.

• Determine and explain the total project completion time and the critical path for the project.

• Determine and explain Early Start (ES), Early Finish (EF), Late Start (LS), and slack for each activity.

• What is the probability that this project will be finished in 40 days or less? Explain.

• Define how to gather the project requirements.

• Analyze whether there are any potential changes that could impact overall project schedule and project finishing time.

• Explain the best methods for managing the change requests and what kind of process this project should involve.

• Analyze implications of changes in project scheduling.

• Explain the best methods for managing the change requests and what kind of process this project should involve.

• Evaluate applications of project management techniques in terms of the firm's business operational goals and requirements.

Reference no: EM132437967

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