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Addendum to the Case: Managing Hard Rock's Rockfest (Page# 101-102) Q 5: Further to Chris Tomasso's expression of surprises, the company has now...
Q 5: Further to Chris Tomasso’s expression of surprises, the company has now decided to work on three time estimates in lieu of the deterministic time estimates used before. The company is confident that while the Most Likely Time estimate for each activity will follow the current activity time presented in column #4 for the same activity, the Optimistic Time estimate will be 20% lower than the Most Likely Time Estimate, and the Pessimistic Time will be 50% more than the Most Likely Time Estimate. For instance, activity A that has Most LikelyTime estimate of 7 weeks will have an Optimistic Time estimate of 5.6 weeks (7 x 0.8 = 5.6 weeks) and Pessimistic Time estimate of (7 X 1.5 =10.5 weeks). Complete an appropriate chart to show the (a) critical path, (b) project completion time, (c) probability that project will be completed in less than 34 weeks?
Q6: Further to the data provided above for 3 estimates, the management is now contemplating to crash the network to the minimum possible time under the crash cost schedule provided below. (a) What could be the minimum duration of the project?, and (b) what is the corresponding crash cost?
