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Real Estate Appraisal Ii

By Hilary Obiora

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Answer to Real Estate Appraisal ii quiz by group 12, Hills and Associate Real Estate Appraisers
Real Estate Appraisal Ii
 
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Published: July 20, 2017

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Abstract

                 HILLS & ASSOCIATE                  

                 Hilary .O. Onyekwelu  Reg No 028

                 Malobi Chinenye .B.   Reg No 037

                 Onuoha Onyinyechi .V. Reg No 010   

 

Hilary .O. Onyekwelu

IMT/ESM/h2015/028

Estate management

HND 2

Real estate appraisal 2

 

(1) how do you determine the critical path?

   Three major steps has to be considered in order to determine the critical path. The three major steps are

     (1) Planning          

     (2) Arranging and scheduling

     (3) Controlling

  • The three major steps are explained below.
  • *Planning : this is the first step in determining the critical path whereby it involves the strategic ways by which an individual or persons achieves a goal from the starting to the finishing of an events at a particular/specific time. The planning process shows how an individual or persons move from one point to another so as to achieve a specific goal in an event.
  • *Arranging and scheduling: this is the second step in determining the critical path whereby it involves the identification of the actual time in which a task is been carried out by an individual or persons. And also giving the total of task which is done by each person in an event so as to identify the task that is the major sequence be identifying the float in an event.

     *Controlling: this means identifying the path that has no float and than allocate the remaining extra time to the once that has no float.

 

(2) discuss the relevance of critical path analysis in construction project?

   Critical path analysis in construction project is relevant because it is the most efficient way of shortening time on urgent project. An effective critical path analysis can make the difference between success and failure on complex project. It can be very useful in assessing of problems faced during the implementation of the plan. Also, it is relevant in a construction project because critical path analysis has to do with P T M R which means

   P: planning

   T: testing

  M: modify

  R: replan

  • *Planning: this is done before the actualization of the project whereby it emphasis on the design, mapping, acquisition, way of getting a good contractor etc before the project start. These has to be done so as not to lack anything when the project start developing.
  • *Testing the plan : this is the case where by professionals will be needed so as to check the design, mapping, acquisition, way of getting a good contractor etc to see or indicate errors in an ongoing project.
  • *Modify the plan : this is where the errors indicated by the professionals is been corrected and amended there by creating a way forward so as to achieve a uniform goal in carrying out a project.
  • *replan : At this stage, if all the things that are planned did not go through, it means the plan need to be changed.

   In conclusion, critical path analysis ensures that the project remains focused on it's objective and is completed in due time.

 

(3) from the PERT chart below, (A) calculate the duration of each; (B) identify the critical path; (C) how would you approach the project to ensure timely delivery?

    (A) Path 1 = 5days + 3days + 3days + 8days = 19days

        Path 2 = 5days + 3day + 1day + 8days = 17days

      Path 3 = 5days + 3days + 4days + 4days + 6days + 8day + 8day = 38 days

 

  • (B) The critical path in this PERT chart is path (3) which is seen as the major sequence. This means that it has no float.
  • (C)   To ensure timely delivery, you have to add or Make use of the remaining days from path (1) and path (2).
  • Which path (1) has a total number of 19days remaining while path (2) has 21days.

    Mathematically,

  Path (1) will join path (3) with 19days

  Path (2) will join path (3) with 21days

 Therefore, 19 + 21 = 40days.

  To ensure timely delivery, 40days will be added to the major sequence so as to help in approaching​the project in time.

 

(4). Analyze the time of balance chart below?

    The project was planned to be at 100% within four(4) month but the project is at 50% within two(2) month which means that the project is in progress or a positive one.

 

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