Project Management: Network Diagram Question Answer 2022

Running head: PROJECT MANAGEMENT
Project Management
Name of the Student:
Name of the University:

PROJECT MANAGEMENT1
Table of Contents
Question 1..................................................................................................................................3
a) Network Diagram............................................................................................................3
b) Earliest start time (EST)..............................................................................................3
c) Latest start time (LST)....................................................................................................3
d) Earliest finish time (EFT)............................................................................................4
e) Latest finish time (LFT)..................................................................................................4
f) Slack time........................................................................................................................4
g) Critical path.................................................................................................................5
h) Critical path duration...................................................................................................5
Question 2..................................................................................................................................5
a) Bottom-up and top-down estimation...............................................................................5
b) Project budgeting process............................................................................................6
c) Earned Value Management.............................................................................................7
i) Planned value (PV) = Planned % complete * Project budget.....................................7
ii) Earned value (EV) = Actual % complete * project budget...........................................7
iii) Percentage spent in terms of total budget.....................................................................8
iv) Cost variance (CV).......................................................................................................8
v) Scheduled variance (SV)...............................................................................................8
vi) Cost performance index (CPI)......................................................................................8
vii) Schedule performance index (SPI)..............................................................................8
viii) Estimate at completion...............................................................................................8

PROJECT MANAGEMENT2
ix) Variance at completion.................................................................................................8
x) Estimate to complete......................................................................................................9
d) Vendor selection..........................................................................................................9
Question 3................................................................................................................................10
i. Calculation of risk total.............................................................................................10
ii. Risk management impact versus probability chart................................................10
iii. Risk management...................................................................................................11
Question 4................................................................................................................................13
a) Evaluation of software tools used for planning and managing projects.......................13
b) Limitations of software tools for planning and managing projects...........................14
References................................................................................................................................15

PROJECT MANAGEMENT3
Question 1
a) Network Diagram
Figure 1: Task Network Diagram
(Source: Created by author)
b) Earliest start time (EST)
Activit
y Time EST
(weeks)
A 4 0
B 8 0
C 6 8
D 10 14
E 8 14
F 6 24
G 7 24
H 5 31
c) Latest start time (LST)
Activit
y Time LST
(weeks)
A 4 4
B 8 0
C 6 8