Question

You are the nuclear engineering manager for the overhaul of a nuclear aircraft carrier. To determine the best option for replacing a reactor coolant pump that impacts the critical path, what technique should the project team utilize?

a) Cost-benefit analysis
b) Critical path analysis
c) Earned value management
d) Risk assessment

Answer 1

To decide on the best option for replacing a reactor coolant pump impacting the project's critical path, a cost-benefit analysis should be carried out, weighing the costs against the benefits for each option.

Step-by-step explanation:

When deciding on the best option for replacing a reactor coolant pump in a nuclear aircraft carrier, particularly one that impacts the critical path of the project, the project team should utilize a cost-benefit analysis. This decision-making process involves comparing the sacrifices and the gains (costs and benefits) associated with each potential option. Costs entail the expenditure of money, effort, and other resources needed to implement a decision, while benefits refer to the advantages gained in terms of money, time, experience, and other improvements. Mathematical models could be employed to estimate the costs, and these need to be normalized to allow fair comparison between alternatives on cost per unit basis.