Now that we have completed the network diagram type of problems I hope the class

Question

Now that we have completed the network diagram type of problems I hope the class is comfortable with creating the network diagram and calculating the PERT for a project and the Variance for the project and the Standard Deviation for the project and the Zeta Probability for a project. Wow that is a lot of calculating. Note you know have to understand how to calculate the Crash Cost per day and how to calculate the Direct Cost Labor and Non Labor Cost to determine the Cost Baseline. After all of that what questions do you have with regard to solving these types of problems?

If you were trying to explain the progress of a project to the executive team, which diagramming method would you used? In addition, how would you identify ways to expedite your project schedule?

This week in class, we also introduced the class to the concept of a project budget. What can you now say about how the estimates and budgets are performed within your company? If you do not have a company you are currently working for, what method of estimating; and determining your project budget would you recommend if you were developing a PMO?

Explanation / Answer

Precedence diagramming method is used to explain the progress of a project to the executive team.

In order to expedite project schedule,first we should calculate the critical path and what all activities lie on this path.after that we have perform cost crashing depending upon the target schedules.this will help us in finding the most optimal way of expediteing the project.

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