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Project Management- Critical Path Method (CPM)

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You have a network with a critical path A-B-C-D. For our purposes, you are allowed to ignore the other paths through the network. The values for optimistic (a), pessimistic (b) and most likely (m) durations for each task are as shown below. These are based on the probability that virtually all (at least 99.7%) of the values of each task fall within the range from a to b. (table)

a. What is the value of mean for the network?
b. What is the value of variance for the network?
c. What is the probability that this network can be finished within 27 days?

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Solution Summary

Calculates probability of completion within a specified period in a network.

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Critical Care Hospital

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Critical Care Hospital will be purchasing a CATSCAN (computerized axial tomography scanner) in the next six months. The CATSCAN equipment will be installed in the radiology department and will require a significant renovation for the area. The scanner will arrive in about five months, but the construction project cannot be started until the unit is set in place. This will result in a project length of approximately 12 months. The hospital estimates the equipment will generate an income of $25,000 per month and is therefore in a hurry to complete the project. The project manager feels she may be able to cut the time on some aspects of the project, but at an increased cost. She has decided, in an effort to make the best decision, to use a resource allocation version of CPM.

Questions: What information must the project manager gather to use this method properly? How should she use this version of CPM to reduce the project time?

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