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**Example: Frank’s Fine Floats**

Frank’s Fine Floats is in the business of building elaborate parade floats. Frank and his crew have a new float to build and want to use PERT/CPM to help them manage the project. The table on the next slide shows the activities that comprise the project. Each activity’s estimated completion time (in days) and immediate predecessors are listed as well. Frank wants to know the total time to complete the project, which activities are critical, and the earliest and latest start and finish dates for each activity.

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**Example: Frank’s Fine Floats**

Immediate Completion Activity Description Predecessors Time (days) A Initial Paperwork B Build Body A C Build Frame A D Finish Body B E Finish Frame C F Final Paperwork B,C G Mount Body to Frame D,E H Install Skirt on Frame C

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**Example: Frank’s Fine Floats**

Project Network B D 3 3 G 6 F 3 A Start Finish 3 E 7 C H 2 2

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**Example: Frank’s Fine Floats**

Latest Start and Finish Times B 3 6 D 6 9 3 6 9 3 9 12 G 12 18 6 12 18 F 6 9 3 15 18 A 0 3 Start Finish 3 0 3 E 5 12 7 5 12 C 3 5 H 5 7 2 3 5 2 16 18

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**Example: Frank’s Fine Floats**

Determining the Critical Path A critical path is a path of activities, from the Start node to the Finish node, with 0 slack times. Critical Path: A – C – E – G The project completion time equals the maximum of the activities’ earliest finish times. Project Completion Time: days

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**Example: Frank’s Fine Floats**

Critical Path B 3 6 D 6 9 3 6 9 3 9 12 G 12 18 6 12 18 F 6 9 3 15 18 A 0 3 Start Finish 3 0 3 E 5 12 7 5 12 C 3 5 H 5 7 2 3 5 2 16 18

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**Example: ABC Associates**

Consider the following project: Immed. Optimistic Most Likely Pessimistic Activity Predec. Time (Hr.) Time (Hr.) Time (Hr.) A B C A D A E A F B,C G B,C H E,F I E,F J D,H K G,I

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**Example: ABC Associates**

Project Network 5 3 6 6 1 5 3 4 5 4 2

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**Example: ABC Associates**

Activity Expected Times and Variances t = (a + 4m + b)/6 2 = ((b-a)/6)2 Activity Expected Time Variance A /9 B /9 C D /9 E /36 F /9 G /9 H /9 I J /9 K /9

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**Example: ABC Associates**

Critical Path (A-C-F-I-K) 6 11 15 20 19 22 20 23 5 3 13 19 14 20 0 6 6 7 12 13 6 6 1 13 18 6 9 9 13 5 3 4 18 23 0 4 5 9 9 11 16 18 5 4 2

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**Example: ABC Associates**

Probability that the project will be completed within 24 hrs: Variance= 4/ / /9 = 2 Standard Deviation= z = (24-23)/1.414 = .71 From the Standard Normal Distribution table: P(z < .71) = =

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**Example: EarthMover, Inc.**

EarthMover is a manufacturer of road construction equipment including pavers, rollers, and graders. The company is faced with a new project, introducing a new line of loaders. What is the critical Path?

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**Example: EarthMover, Inc.**

Immediate Completion Activity Description Predecessors Time (wks) A Study Feasibility B Purchase Building A C Hire Project Leader A D Select Advertising Staff B E Purchase Materials B F Hire Manufacturing Staff B,C G Manufacture Prototype E,F H Produce First 50 Units G I Advertise Product D,G

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**Example: EarthMover, Inc.**

PERT Network 6 8 4 6 3 3 2 6 10

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**Example: EarthMover, Inc.**

Critical Activities 10 16 16 22 6 22 30 6 10 8 0 6 4 10 13 17 20 6 3 6 9 7 10 20 22 22 28 24 30 3 10 20 2 6 10

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**Problem Statement and Data (1 of 2)**

Example Problem Problem Statement and Data (1 of 2) Given this network and the data on the following slide, determine the expected project completion time and variance, and the probability that the project will be completed in 28 days or less.

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Example Problem Problem Statement and Data (2 of 2)

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**Example Problem Solution (1 of 4)**

Step 1: Compute the expected activity times and variances.

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**Example Problem Solution (2 of 4)**

Step 2: Determine the earliest and latest activity times & slacks

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**Example Problem Solution (3 of 4)**

Step 3: Identify the critical path and compute expected completion time and variance. Critical path (activities with no slack): 1 3 5 7 Expected project completion time: tp = = 24 days Variance: vp = 4 + 4/9 + 4/9 + 1/9 = 5 (days)2 Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall

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**Example Problem Solution (4 of 4)**

Step 4: Determine the Probability That the Project Will be Completed in 28 days or less (µ = 24, = 5) Z = (x - )/ = (28 -24)/5 = 1.79 Corresponding probability from Table A.1, Appendix A, is and P(x 28) = = Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall

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PERT / CPM – Time-Cost Tradeoffs BSAD 30 Dave Novak Source: Anderson et al., 2015 Quantitative Methods for Business 13 th edition – some slides are directly.

PERT / CPM – Time-Cost Tradeoffs BSAD 30 Dave Novak Source: Anderson et al., 2015 Quantitative Methods for Business 13 th edition – some slides are directly.

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