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Construction Cost Control & Management - Coursework Example

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College
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Engineering and Construction
Pages 10 (2510 words)

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Engineering and Construction Author Course Grade Institution 24th February 2012 FINANCIAL MATTERS (a) The PERT diagram for the project. (b) Expected time for each activity The pessimistic time, the normal time and the optimistic time are all estimated…

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Construction Cost Control & Management

In our case, the formula is; (a + 4 m + p) / 6 (NetMBA, 2012). Where, O = Optimistic Time. M = most likely time. N = pessimistic time. Activity a days m days b days Expected Days a 4 m p (a + 4 m + p) / 6 AB 4 5 6 (4 + (4 *5) + 6) / 6 = 5 BC 2 5 8 (2 + (4 *5) + 8) / 6 = 5 CD 5 7 9 (5 + (4 *7) + 9) / 6 = 7 CE 4 5 6 (4 + (4 *5) + 6) / 6 = 5 DF 2 4 6 (2 + (4 *4) + 6) / 6 = 4 FG 3 5 9 (3 + (4 *5) + 9) / 6 = 5.3 FH 4 5 6 (4 + (4 *5) + 6) / 6 = 5 FI 3 4 7 (3 + (4 *4) + 7) / 6 = 4.3 FJ 5 7 9 (5 + (4 *7) + 9) / 6 = 7 JK 10 11 12 (10 + (4 *11) + 12) / 6 = 11 KL 4 6 8 (4 + (4 *6) + 8) / 6 = 6 KM 7 8 9 (7 + (4 *8) + 9) / 6 = 8 MN 4 5 10 (4 + (4 *5) + 10) / 6 = 4 LO 5 7 9 (5 + (4 *7) + 9) / 6 = 7 OP 5 6 7 (5 + (4 *6) + 7) / 6 = 6 PQ 2 3 4 (2 + (4 *3) + 4) / 6 = 3 (b) The significance of the critical path Critical path shows the longest time for the completion of a project. It dictates the project’s completion period or time. It is used to estimate the required time for the entire project, meaning, the longer the critical path, the longer the project’s completion time. It also helps the contractors understand the areas that have flexibility and the areas without. In addition, it helps in the preparation of schedules and plans for projects which in turn ensures sound management and effective monitoring of projects’ goals (Beaumont, 2001). ...
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