Brighthub Project Management Estimation Technique

Question: Describe about the Brighthub Project Management for Estimation Technique? Answer: A. estimation of Company A in Table 1.1 to do the following: A1. Expected completion time for each of nine activities: Activity Expected time to complete A 7 B 9 C 1.5 D 8 E 13.5 F 29.5 G 7 H 6 I 9 A2. Variance of the activities: Activities Variance A 1.77 B 0.75 C 0.01 D 0.11 E 8.02 F 9 G 0.28 H 0.87 I 2.56 A3. Critical Path Method (CPM): The CPM is among of those most important techniques used for project planning. CPM is built for those projects, which are consists of number of individual task/activities. If some of the activities are found to start before the completion of the other activities, then the project become complex(Tutorialspoint.com, 2015) Activities ES LF A 0 0 B 7 7 C 7 14.5 D 16 16 E 8.5 23.5 F 7 16.5 G 24 24 H 31 31 I 37 37 A.3) Program Evaluation and Review technique: PERT is a statistical tool used for the project management purpose, where it analyzes and represents tasks which are involved to complete the task. It is used for the simplification of plans and used to schedule the complex and large project (Brighthub Project Management, 2015). Activity B Start Duration 7th week 9 week Activity D Start Duration 16th week 8 week Activity G Start Duration 24th week 7 week Activity A Start duration 0 7 weeks Activity c Start Duration 7th week 1.5 week Activity H Start DURATION 22 weeks 6 weeks Activity E Start Duration 8.5 week 13.5 week Activity I Start End 28 9 Activity F Start Duration 7th week 29.5 week A4. Using the estimates for Company A in Table 1.1 (Screen shot is given above): A4a. Expected to time to complete the task is 46 weeks. A4b. Slack for project activity E is- To bring out the slack, we must have to identify the ES (Earliest start) time and LS (Latest start) time. Then LS=23 ES=8.5 Slack for E= LS-ES=23-8.5= 14.5 A4c. Slack for the project activity of C- To calculate the Slack, here again ES and LS need to be identified. Then, Slack= LS- ES=14.5- 7= 7.5 A4d. The earliest week project activity F is scheduled to start= 7 A4e. The latest week activity project G scheduled to start=(29.5-24)= 5.5 A5. Probability of completing this project in time for the product launch in44 weeks: PERT is technique to manage and to do the estimation for the probability on whether a project will be finished on normal time. As per the traditional PERT technique it can evaluated as mentioned below: Z= (Due date- Expected date of project completion)/ Project standard deviation Td= Due date. Te= Expected date of project completion. r= Project standard deviation. Z= (Td- Te)/ r = (44-46)/6.3= 0.3154 Now probability is P (0.3154) = 0.6217 B) Using the results from part A1 and the data in Table 1.2: B1. Maximum reduction in time ACTIVITIES MAXIMUM REDUCTION IN TIME A 5 B 4 C 0.5 D 1 E 10.5 F 23.5 G 2 H 2 I 2 B2. Crash cost per week. ACTIVITIES CRASHED COST PER WEEK A 2100 B 3000 C 12000 D 8000 E 266.66 F 170.21 G 1500 H 10000 I 5000 C. Identification of the following by using results from part B: C1. Least costly activities to be crashed in order to complete the project within 44 weeks: ACTIVITIES CRASH WEEKS G 2 (OUT OF 5 CRASHED WEEKS) C2. Number of weeks each of the activities identified in part C1 should be crashed to meet the deadline with the lowest possible increase in cost. ACTIVITIES NUMBER OF WEEKS CRASHED CRASH COST PER WEEK G 2 1500 C3. Total additional cost due to crashing of the activities identified in part C1. ACTIVITIES WEEK CRASHED IN ORDER TO MEET DEADLINE ADITIONAL COST DUE TO CRASH G 2 1500+1500= 3000 References: Brighthub Project Management,.(2015). How to Use Excel in the Critical Path Method (CPM). Retrieved 25 February 2015, from https://www.brighthubpm.com/software-reviews-tips/52901-use-excel-to-perform-critical-path-calculations/ Tutorialspoint.com,.(2015). PERT Estimation Technique. Retrieved 25 February 2015, from https://www.tutorialspoint.com/management_concepts/pert_estimation_technique.htm