Business, 04.12.2021 02:40 southerntouch103

Bill Fredlund, president of Lincoln Log Construction, is considering placing a bid on a building project. Bill has determined that five tasks would need to be performed to carry out the proj- ect. Using the PERT three-estimate approach, Bill has obtained the estimates in the next table for how long these tasks will take. Also shown are the precedence relationships for these tasks. There is a penalty of $500,000 if the project is not completed in 11 weeks. Therefore, Bill is very interested in how likely it is that his company could finish the project in time.

(a) Construct the project network for this project. T

(b) Find the estimate of the mean and variance of the duration

of each activity.

(c) Find the mean critical path. T

(d) Find the approximate probability of completing the project

within 11 weeks.

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