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Explain why project management is a useful tool for managers

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Reference no: EM13126361

Gardener Ltd are considering building a new factory in Leicester. Seven tasks must be performed build the new factory and estimates of the duration for each task are shown below along with the precedence relationships for these tasks.

TASK

Optimistic Estimate (days)

Most Likely Estimate (days)

Pessimistic estimate (days)

Immediate predecessors

A

4

8

10

-

B

1

3

4

-

C

3

7

10

A

D

1

7

13

A

E

1

3

5

B,D

F

7

8

10

E

G

6

7

10

C

 Gardener Ltd will receive a subsidy of £500,000 if it is completed in the next 22 days.

(a) Explain why project management is a useful tool for managers

(b) Draw the network diagram for this project and identify the critical path

(c) Find the estimate for mean and variance of the duration of each activity and the mean duration of the critical path

(d) Calculate the probability of completing the project within 22 days, stating any assumptions that you make?

(e) What action could be taken to improve the chances of completion within 22 days?

Reference no: EM13126361

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