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1) In a PERT network, the manager must estimate three times for the completion of an
activity, the earliest possible completion time, called the optimistic time; the best estimate
of completion time, called the most likely time and the latest possible completion time,
called the pessimistic time.
2) An activity which must be completed before another activity can begin are called
predecessor activities, those which must be completed just before a given activity can
begin are called the immediate predecessor of that activity.
3) The critical path of a network is the path which contain the most work of any path in the
network; the length of this path, measured in time units, is the expected less bound on the
amount of time necessary to complete the project.
4) In a CPM network, the normal time is the time required to finish an activity if no
extraordinary measures are taken, while the crash time is the shortest possible completion
time and requires special efforts or measures. The cost associated with the former is
always lower than the cost for the latter.
5) A dynamic programming problem consist of several smaller problems called stages with
interlocking decisions.