The goal of the time-cost trade-off methodology is: to cause the daily use of project resources to be smoother or more level to reduce the project to its shortest possible duration with the least increase in cost to keep the daily use of project resources within some specific limitation to reduce the project costs as much as possible within a given project duration

In the realm of project management, the efficient allocation of resources and the timely completion…

Answered: The goal of the time-cost trade-off…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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Which one of the following best describes the Project Manager’s involvement in the Project Execution phase? Managing and maintaining the project plan Regular reporting to the Project Steering Committee on the project status, progress and forecasting Managing stakeholder engagement and the project team All of the above
To obtain reasonable assurance about the completion of the project within the timeline, the best method is which of the following? To obtain affirmation from the project manager about the project completion date To extrapolate the end date based on completed work and resource availability To compare the estimated end date and estimated time for completion of the project To interpolate the end date based on completed work and resource availability
Which of the following are major characteristics of projects? Choose all that apply. Has a defined life span with a beginning and an end Requires all project activities to be completed by the same team Has specific performance, time, and cost requirements Has an established objective
The primary reason that the project management team develops a schedule/time management plan is Select one: a.To set clear guidelines as to how the project schedule will be developed, managed and controlled throughout the project's duration b.To estimate how long project activities will take and assign resources to project activities c.To demonstrate to the project sponsor that the team is hard working and knows about project management d.To breakdown the work packages in the WBS into smaller packages and determine project milestones
Based on the diagram in question 3, what happens to the project duration if Activity C is done at the same time as Activity D? The duration is shortened by 1 day The duration is lengthened by 1 day The duration is shortened by 4 days The duration is not affected
Incorporating project management techniques into the production process What is Project Management What are the 5 Phases of Project Management Process What are the Reasons for Project Failure Roles and Responsibilities of a Project Manager What are the Project Management Knowledge Areas the Project Management describes a structured approach to managing time, projects, resources, schedules, risks and other business aspects. It includes the following five stages: Initiating – assessing and defining the scope and goals of the Planning – developing a workflow, establishing a more detailed scope, allocating resources and building Executing – managing teams, monitoring timelines and resources, balancing stakeholder involvement. Controlling – tracking, reviewing and regulating the Closing – assessing project results, key strengths and weaknesses
The art of managing people combined with the application of knowledge, skills, tools, and techniques to project activities to meet the project requirements is referred to as: O a. Project Initiation O b. Project Administration O c. Project Management O d. Project Coordination
You have a project to be completed in 12 months, and the total cost of the project is 100,000 USD. Six months have passed and 60,000 USD has been spent, but on closer review you find that only 40% of the work has been completed so far. Your project is expected to perform with the same cost performance. Find the Estimate to Complete (ETC) and EAC for this project.
You manage a multidisciplinary project team involved in the implementation of a comprehensive and complex Enterprise Resource Planning (ERP) system. The team will be working together for the next 12 months. The project goals are demanding. You are very concerned about how to keep the team motivated for the duration of the project. Discuss your strategies to keep the team motivated, and how to sustain the motivation for the duration of the ERP project.
The company decided that the project in the previous problem had to be expedite in order to optimize (minimize) the project cost. Expediting can be used to trade direct cost for indirect cost, since expediting reduces the indirect cost of the project by a fixed amount per day, while expediting an activity increases its total direct cost. The Accounting Department found that indirect costs amount to $100 per day, while activity direct costs as well as their normal and expedited times are given in the table below. Activity Duration (Days) Expedited Time (Days) Normal Direct Cost ($) Expedited Direct Cost ($) A 32 26 200 500 B 21 20 300 375 C 30 30 200 200 D 45 40 200 800 E 26 20 700 1,360 F 28 24 1,000 1,160 G 20 18 400 550 What is the optimal time to complete the project? What is the optimal project cost?
Project Management involves the management of labour, material and plants, and equipment. Time management however demands the analysis of factors prevailing on the project.Discuss four (4) factors that affect the times it will take to complete the project
At times, in order to monitor the project planning, a project manager can resort to the development of a project planning by starting at the end of the project and back to the beginning. Which allows the project manager and try to identify and measure the length of the tasks that will potentially require up to the period of time the project is scheduled to take. Although this might seem to be a rational solution to preparing a project plan, the use of this tactic may significantly decrease the likelihood that the project meets its deadline. If you think that this strategy is right to build a project schedule? Talk about the rationale behind your reply. Discuss that this plan will significantly reduce the likelihood that the project would reach its deadline

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		to cause the daily use of project resources to be smoother or more level
		to reduce the project to its shortest possible duration with the least increase in cost
		to keep the daily use of project resources within some specific limitation
		to reduce the project costs as much as possible within a given project duration