What is the time–cost trade-off methodology

Assignment Help Operation Management

Reference no: EM131655938

Time-Cost Trade-Off and Closing a Project

In one paragraph response for each question, answer the following:

1. What is the time–cost trade-off methodology, and when is it used? Provide an example and simplistic breakdown.

2. Why do you need both normal and crash times and costs for this procedure? Provide an example and simplistic breakdown.

3. Assume that an activity has a normal time of 20 weeks, a normal cost of $72,000, a crash time of 16 weeks, and a crash cost of $100,000. By how many weeks, at most, can this activity’s duration be reduced? What is the cost per week to accelerate this activity? Why does this matter? Provide an example and simplistic breakdown.

4. Why is it not appropriate to crash all of the activities in a project to achieve the shortest project schedule? Provide an example and simplistic breakdown.

5. Discuss what needs to be done as part of closing a project. Why are these activities important? Provide an example and simplistic breakdown.

6. Discuss the internal post-project evaluation process and the two types of meetings involved. Provide an example and simplistic breakdown.

Reference no: EM131655938

Questions Cloud

How can the owners of a franchise reverse declining sales : How can the owners of a franchise reverse declining sales? What advantages do franchisees gain when they buy their franchises?

Planning for the long term in logistics management : Why is short term thinking not only a barrier to change, but also costlier than planning for the long term in logistics management?

Cover geography-history-demography of country south africa : Cover geography, history, demography, and socio-politico-economic aspects of the country South Africa.

Explain the concept of viral marketing : Explain the concept of viral marketing and how it relates to word-of-mouth communication.

What is the time–cost trade-off methodology : What is the time–cost trade-off methodology, and when is it used? Provide an example and simplistic breakdown.

Describe how pfizer enriches its human capital in value : Describe how Pfizer enriches its human capital in value, rareness and inimitability. In what ways does Pfizer utilize positive organizational behavior?

The impact on the average number of customers in service : What will be the impact on the average number of customers in service if one more server is added?

Based on the continuum of the pursuit of perfection : What do you think the future of LEAN Six Sigma will be? Based on the continuum of the pursuit of perfection

Proposal to nationalize law enforcement in the territory : Imagine that you are a member of the Legislature of the Virgin Islands. You are faced with a proposal to nationalize law enforcement in the Territory.

User Account

All Pages