Time-Cost Trade-Off and Closing a Project
In 150-175 word responses for each question, answer the following:
1. What is the time–cost trade-off methodology, and when is it used?
2. Why do you need both normal and crash times and costs for this procedure?
3. Assume that an activity has a normal time of 20 weeks, a normal cost of $72,000, a crash time of 16 weeks, and a crash cost of $100,000. By how many weeks, at most, can this activity’s duration be reduced? What is the cost per week to accelerate this activity?
4. Why is it not appropriate to crash all of the activities in a project to achieve the shortest project schedule?
5. Discuss what needs to be done as part of closing a project. Why are these activities important?
6. Discuss the internal post-project evaluation process and the two types of meetings involved.