some questions in project management course, need help

some questions in project management course, need help
Q1) Why is it important to identify critical path and float time for your project? State one reason for both. (10 marks) Q2) Use the below table and answer the questions associated with it. (50 marks) Activity Initial Node Final Node Estimated Duration A 1 2 1 B 1 3 2 C 1 4 3 D 2 5 4 E 3 5 5 F 3 6 4 G 4 7 6 H 5 6 6 I 7 6 2 J 6 8 3 Draw an AOA diagram. 5 marks Identify all paths in the network diagram with their durations. 5 marks What is the critical path for this project? 5 marks What is the earliest possible time to finish the project? 5 marks Find the slack time for each activity. 10 marks If task G was delayed by 1 days, how will this affect the project critical tasks and the project finish time? 5 marks If task H was delayed by 3 days, what will be the impact of that delay on the project finish time? 5 marks Use Project Plan 365 to produce the Gantt chart & network diagram of the project. 10 marks Q3) Figure 2 shows the EVM data of a project. The budget is $100,000 and the project duration is of 10 months. It started on 1st Jan 2008. It is now 31st July and the table shown the actual cost (AC) and earned values (EV). Activity “Incorporate feedback” is 75% completed as today. Figure 2: Earned Value Status of a 10-months project at July 31 Activity Jan Feb Mar Apr May Jun Jul Aug Sep Oct Plan project 2,000 2,000 　 　 　 　 　 　 　 　 Analyze requirements 　 3,000 7,000 　 　 　 　 　 　 　 Develop Data Model 　 　 3,000 3,000 　 　 　 　 　 　 Design database 　 　 　 6,000 6,000 　 　 　 　 　 Design forms &reports 　 　 　 　 4,000 12,000 　 　 　 　 Construct prototype 　 　 　 　 　 10,000 　 　 　 Test/evaluate prototype 　 　 　 　 　 4,000 6,000 　 Incorporate feedback 　 　 　 　 　 　 4,000 Test system 　 　 　 　 　 　 　 10,000　 9,000 9,000 Monthly AC 2,000 6,000 8,000 9,000 13,000 21,000 10,000 　 　 　 Monthly EV 2,000 6,000 9,000 9,000 14,000 22,000 　 　 　 What is the Earned Value (EV) in July? 5 marks What is the Cumulative Earned Value (EV) as of 31st July 2008 5 marks What is the Cumulative Actual Cost (AC) as of 31st July 2008 5 marks What is the Cumulative Planned Value (PV) as of 31st July 2008 5 marks Calculate the Cost Variance (CV) as of 31st July 2008. 5 marks Calculate the Schedule Variance (SV) as of 31st July 2008. 5 marks What is the predicted total cost of the project when the project finishes. 5 marks What is the predicted finish date of the project. 5 marks Discuss the advantages and disadvantages of this technique (one of each). 5 marks