Create an arrow chart for your project. Discuss how to establish reasonable time estimates for activities. Discuss how historical data could be used to determine time ranges.
A project requires an initial investment of $23,000 and training costs of $6,000, which are spread over six months. Beginning with the third month, the expected monthly project savings is $3,000. Ignoring interest and taxes, determine the payback period (Quality Council of Indiana 2002). Given the data below determine the critical path, project duration, and slack time, where slack time is the amount of time an activity can be delayed without delaying the project. (Six Sigma Study Guide 2002.)
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