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a) Draw a schedule showing the work package critical path and duration.  b) Assume the wor kpackage has to be completed within 44 weeks.Calculate the most cost effective way of completing the work package within this time, giving the cost increase associated with this crash sequence.  c) Discuss the main factors likely to be considered by the project manager when considering time– cost trade-offs and time–quality trade-offs as ways of reducing the overall time required to complete a project or work package

a) Draw a schedule showing the work package critical path and duration.  b) Assume the wor kpackage has to be completed within 44 weeks.Calculate the most cost effective way of completing the work package within this time, giving the cost increase associated with this crash sequence.  c) Discuss the main factors likely to be considered by the project manager when considering time– cost trade-offs and time–quality trade-offs as ways of reducing the overall time required to complete a project or work package

Practical Management Science
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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a) Draw a schedule showing the work package critical path and duration. 
b) Assume the wor kpackage has to be completed within 44 weeks.Calculate the most cost
effective way of completing the work package within this time, giving the cost
increase associated with this crash sequence. 
c) Discuss the main factors likely to be considered by the project manager when
considering time– cost trade-offs and time–quality trade-offs as ways of reducing
the overall time required to complete a project or work package. 

Question 1 Table 1: Activity normal and crash durations and costs Activity Normal dura- Crash duration Normal cost (£) Crash cost (£) tion (weeks) A-B B-C B-D B-E C-F C-K D-G E-H F-G FI F-K F-L F-N G-L H-K H J-O K-N L-M M-O N-O 4 3 2 6 3 3 2 10 3 3 2 2 2 2 10 238 4 2 12 (weeks) 2 3 I 5 2 2 I 8 2 2 I I 7 2 I 10 300 000 100 000 50 000 150 000 30 000 20 000 000 60 000 160 000 350 000 170 000 330 000 250 000 60 000 100 000 10000 30 000 50 000 40 000 5 000 200 000 300 420 000 100 000 55 000 200 000 150 000 25 000 350 000 140 000 260 000 500 000 270 000 440 000 500 000 65 000 110 000 20 000 35 000 80 000 50 000 6 000 240 000 Note: The crash duration represents the minimum duration where an activity is speeded up as much as possible. The crash cost represents the increased cost of the activity after it has been speeded up as much as possible.
Transcribed Image Text:Question 1 Table 1: Activity normal and crash durations and costs Activity Normal dura- Crash duration Normal cost (£) Crash cost (£) tion (weeks) A-B B-C B-D B-E C-F C-K D-G E-H F-G FI F-K F-L F-N G-L H-K H J-O K-N L-M M-O N-O 4 3 2 6 3 3 2 10 3 3 2 2 2 2 10 238 4 2 12 (weeks) 2 3 I 5 2 2 I 8 2 2 I I 7 2 I 10 300 000 100 000 50 000 150 000 30 000 20 000 000 60 000 160 000 350 000 170 000 330 000 250 000 60 000 100 000 10000 30 000 50 000 40 000 5 000 200 000 300 420 000 100 000 55 000 200 000 150 000 25 000 350 000 140 000 260 000 500 000 270 000 440 000 500 000 65 000 110 000 20 000 35 000 80 000 50 000 6 000 240 000 Note: The crash duration represents the minimum duration where an activity is speeded up as much as possible. The crash cost represents the increased cost of the activity after it has been speeded up as much as possible.
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