Time-Cost Trade-Off and Closing a Project
In one paragraph response for each question, answer the following:
1. What is the time–cost trade-off methodology, and when is it used? Provide an example and simplistic breakdown.
2. Why do you need both normal and crash times and costs for this procedure? Provide an example and simplistic breakdown.
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? Why does this matter? Provide an example and simplistic breakdown.
4. Why is it not appropriate to crash all of the activities in a project to achieve the shortest project schedule? Provide an example and simplistic breakdown.
5. Discuss what needs to be done as part of closing a project. Why are these activities important? Provide an example and simplistic breakdown.
6. Discuss the internal post-project evaluation process and the two types of meetings involved. Provide an example and simplistic breakdown.