As a project management professional, it is important for you to be able to review numbers and report on what they are saying. It is also important for you to be able to use software that helps you keep timelines and keep the project running on time and smoothly. This assignment will continue to help prepare you for your responsibilities.
You are a project manager and you successfully completed the project from Weeks 2 and 3. A program manager from another division is aware of your familiarity and success with the Technology Refresh Project. He has asked you to perform a schedule risk analysis on a different Technology Refresh Project, i.e., the Technology Refresh (Version B) Project, which is based on your project from Weeks 2 and 3. In fact, the project tasks are the same, only the durations and the critical paths are different (note: your project files from Week 2 and Week 3 are not relevant to this assignment).
Perform a schedule risk analysis for the Technology Refresh (Version B) Project by completing the following:
Open “Topic 4 Project Assessment Problems TEMPLATE.” Take note of the project information, including the expected durations and the tasks that are on the critical path.
Calculate the following;
- The expected project finish time.
- The variances for the applicable tasks.
- The total critical path variance.
- The total critical path standard deviation.
The customer has seen the Technology Refresh (Version B) project schedule and the expected project finish time. However, the customer is concerned about the schedule risk of the project. Therefore, he wishes to know the following (i.e., determine the following):
- The probability of finishing the project in 287 days.
- The probability of finishing the project in 273 days.
- If you wish to solve part 3 using the Z-value approach, refer to the Standard Normal Cumulative Probability Table at math.bgu.ac, (2014).
- Note also that Microsoft Excel’s NORM.DIST function can be used to determine the probabilities in part 3, which does require use of the Z-Table.