Project Time /

Cost Planning
 LEARNING OBJECTIVES
After completing this chapter, students will be able to:

1. Understand how to plan, monitor, and control

projects with the use of PERT and CPM.
2. Determine earliest start, earliest finish, latest start,
latest finish, and slack times for each activity, along
with the total project completion time.
3. Reduce total project time at the least total cost by
crashing the network using manual or linear
programming techniques.
4. Understand the important role of software in project
management.

11 – 2
 Project Planning,
Controlling and Scheduling
Project Planning:
1. Setting goals.
2. Defining the project.
3. Tying needs into timed project activities.
4. Organizing the team.
Project Scheduling:
1. Tying resources to specific activities.
2. Relating activities to each other.
3. Updating and revising on regular basis.

Project Controlling:
1. Monitoring resources, costs,
Before Project quality and budgets.
2. Revising and changing plans.
During Project 3. Shifting resources to meet
demands.

To accompany Quantitative Analysis for Management, 9e

by Render/Stair/Hanna
 Project Planning, Controlling and
Scheduling

Definition:
It is nothing more (or less) than knowing what
the status of a project is:
when it should be done,
how much (and if) it has slipped from the
original schedule,
what the bottlenecks are, and
what you might drop to save some time.

Copyright ©2015 Pearson Education, Inc. 11 – 4

 Introduction
• Managing large-scale, complicated projects
effectively is a difficult problem and the stakes
are high
– The first step in planning and scheduling a project
is to develop the work breakdown structure
(WBS)
– Identify activities that must be performed and their
beginning and ending events
– Identify time, cost, resource requirements,
predecessors, and people responsible for each
activity
– A schedule for the project then can be developed

11 – 5
 Introduction
• The program evaluation and review
technique (PERT) and the critical path
method (CPM) are two popular quantitative
analysis techniques for complex projects
– PERT uses three time estimates to develop a
probabilistic estimate of completion time
– CPM is a more deterministic technique
– They are so similar they are commonly considered
one technique, PERT/CPM

11 – 6
 Six Steps of PERT/CPM
1. Define the project and all of its significant activities or
tasks.
2. Develop the relationships among the activities.
Decide which activities must precede others.
3. Draw the network connecting all of the activities.
4. Assign time and/or cost estimates to each activity.
5. Compute the longest time path through the network;
this is called the critical path.
6. Use the network to help plan, schedule, monitor, and
control the project.

11 – 7
 Six Steps of PERT/CPM
1. Define the project and all of its significant activities or
tasks. The critical path is important
2. Develop thesince
relationships among
any delay the activities.
in these activities
Decide which canactivities
delay must precede others.
the completion of the
3. Draw the network
projectconnecting all of the activities.
4. Assign time and/or cost estimates to each activity.
5. Compute the longest time path through the network;
this is called the critical path.
6. Use the network to help plan, schedule, monitor, and
control the project.

11 – 8
 PERT/CPM
• Questions answered by PERT
1. When will the entire project be completed?
2. What are the critical activities or tasks in the
project, that is, the ones that will delay the entire
project if they are late?
3. Which are the noncritical activities, that is, the
ones that can run late without delaying the entire
project’s completion?
4. If there are three time estimates, what is the
probability that the project will be completed by a
specific date?

11 – 9
 PERT/CPM
• Questions answered by PERT
5. At any particular date, is the project on schedule,
behind schedule, or ahead of schedule?
6. On any given date, is the money spent equal to,
less than, or greater than the budgeted amount?
7. Are there enough resources available to finish
the project on time?

11 – 10
 Example
• General Foundry, Inc. has long been trying to avoid
the expense of installing air pollution control
equipment
• The local environmental protection group has recently
given the foundry 16 weeks to install a complex air
filter system on its main smokestack
• General Foundry was warned that it will be forced to
close unless the device is installed in the allotted
period
• They want to make sure that installation of the filtering
system progresses smoothly and on time

11 – 11
 General Foundry Example
TABLE 11.1 – Activities and Immediate Predecessors

ACTIVITY DESCRIPTION IMMEDIATE

PREDECESSORS
A Build internal components —
B Modify roof and floor —
C Construct collection stack A
D Pour concrete and install frame B
E Build high-temperature burner C
F Install control system C
G Install air pollution device D, E
H Inspect and test F, G

11 – 12
Drawing the PERT/CPM Network
• Two common techniques for drawing PERT
networks
– Activity-on-node (AON) – nodes represent
activities
– Activity-on-arc (AOA) – arcs represent the
activities
– The AON approach is easier and more commonly
found in software packages
– One node represents the start of the project, one
node for the end of the project, and nodes for each
of the activities
– The arcs are used to show the predecessors for
each activity
11 – 13
Drawing the PERT/CPM Network
FIGURE 11.1 – Network for General Foundry

A C F
Build Internal Construct Install Control
Components Collection Stack System

E H
Start Build Burner Inspect Finish
and Test

B D G
Modify Roof Pour Concrete Install Pollution
and Floor and Install Frame Device

11 – 14
 Activity Times
• In some situations, activity times are known
with certainty
– CPM assigns just one time estimate to each
activity and this is used to find the critical path
• In many projects there is uncertainty about
activity times
– PERT employs a probability distribution based on
three time estimates for each activity, and a
weighted average of these estimates is used for
the time estimate and this is used to determine the
critical path

11 – 15
 Activity Times
• The time estimates in PERT are

Optimistic time (a) = time an

activity will take if everything goes as
well as possible. There should be only
a small probability (say, 1/100) of this
occurring.
Pessimistic time (b) = time an
activity would take assuming very
unfavorable conditions. There should
also be only a small probability that the
activity will really take this long.
Most likely time (m) = most
realistic time estimate to complete the
activity.
11 – 16
 ActivityPERT
Times
often assumes time
estimates follow a beta
• The time estimates in PERT are
probability distribution
Optimistic time (a) = time an
activity will take if everything goes as
well as possible. There should be only
a small probability (say, 1/100) of this
occurring.
Pessimistic time (b) = time an
activity would take assuming very
unfavorable conditions. There should
also be only a small probability that the
activity will really take this long.
Most likely time (m) = most
realistic time estimate to complete the
activity.
11 – 17
 Activity Times
FIGURE 11.2 – Beta Probability Distribution with Three Time Estimates

Probability of 1 in 100
of a Occurring
Probability

Probability of 1 in 100
of b Occurring

Activity Time
Most Most Most
Optimistic Likely Pessimistic
Time Time Time
(a) (m) (b)

11 – 18
 Activity Times
• To find the expected activity time (t), the beta
distribution weights the estimates as follows

a + 4m + b
t=
6
• To compute the dispersion or variance of activity
completion time

2
æb – a ö
Variance = ç ÷
è 6 ø

11 – 19
 Activity Times
TABLE 11.2 – Time Estimates (Weeks) for General Foundry, Inc.

MOST EXPECTED VARIANCE,

OPTIMISTIC, LIKELY, PESSIMISTIC, TIME,
ACTIVITY a m b t = [(a + 4m + b)/6] [(b – a)/6]2

A 1 2 3 2 4/36
B 2 3 4 3 4/36

C 1 2 3 2 4/36

D 2 4 6 4 16/36
E 1 4 7 4 36/36
F 1 2 9 3 64/36
G 3 4 11 5 64/36
H 1 2 3 2 4/36
25 11 – 20
 Activity Times
FIGURE 11.3 – General Foundry’s Network with Expected Activity Times

A 2 C 2 F 3

E 4 H 2
Start Finish

B 3 D 4 G 5

11 – 21
How to Find the Critical Path
• We accept the expected completion time for
each task as the actual time
• The total of 25 weeks does not take into
account that some of the tasks could be
taking place at the same time
• To find out how long the project will take we
perform the critical path analysis for the
network
• The critical path is the longest path through
the network

11 – 22
How to Find the Critical Path
• To find the critical path, determine the
following quantities for each activity
1. Earliest start (ES) time: the earliest time an
activity can begin without violation of immediate
predecessor requirements
2. Earliest finish (EF) time: the earliest time at
which an activity can end
3. Latest start (LS) time: the latest time an activity
can begin without delaying the entire project
4. Latest finish (LF) time: the latest time an activity
can end without delaying the entire project

11 – 23
How to Find the Critical Path
• Activity times are represented in the nodes
ACTIVITY t
ES EF
LS LF

• Earliest times are computed as

Earliest finish time =
Earliest start time
+ Expected activity time
EF = ES + t
Earliest start = Largest of the earliest finish times of
immediate predecessors
ES = Largest EF of immediate predecessors

11 – 24
How to Find the Critical Path
• At the start of the project we set the time to zero
• Thus ES = 0 for both A and B

A t=2
ES = 0 EF = 0 + 2 = 2

Start

B t=3
ES = 0 EF = 0 + 3 = 3

11 – 25
How to Find the Critical Path
FIGURE 11.4 – General Foundry’s Earliest Start (ES) and Earliest Finish (EF) Times

A 2 C 2 F 3
0 2 2 4 4 7

E 4 H 2
Start 4 8 13 15 Finish

B 3 D 4 G 5
0 3 3 7 8 13

11 – 26
How to Find the Critical Path
Use a forward pass
FIGURE 11.4 – General Foundry’s Earliest Start (ES) and Earliest Finish (EF) Times
through the network

A 2 C 2 F 3
0 2 2 4 4 7

E 4 H 2
Start 4 8 13 15 Finish

B 3 D 4 G 5
0 3 3 7 8 13

11 – 27
How to Find the Critical Path
• Compute latest start (LS) and latest finish (LF) times
for each activity by making a backward pass through
the network

Latest start time = Latest

finish time
– Expected activity time
LS = LF – t
Latest finish time = Smallest of latest start times
for following activities
LF = Smallest LS of following activities
For activity H
LS = LF – t = 15 – 2 = 13 weeks
11 – 28
How to Find the Critical Path
FIGURE 11.5 – General Foundry’s Latest Start (LS) and Latest Finish (LF) Times

A 2 C 2 F 3
0 2 2 4 4 7
0 2 2 4 10 13

E 4 H 2
Start 4 8 13 15 Finish
4 8 13 15

B 3 D 4 G 5
0 3 3 7 8 13
1 4 4 8 8 13

11 – 29
How to Find the Critical Path
• Once ES, LS, EF, and LF have been determined, find
the amount of slack time for each activity
Slack = LS – ES, or Slack = LF – EF
• Activities A, C, E, G, and H have no slack time
• These are called critical activities and they are said to
be on the critical path
• The total project completion time is 15 weeks
• Industrial managers call this a boundary timetable

11 – 30
How to Find the Critical Path
TABLE 11.3 – General Foundry’s Schedule and Slack Times

EARLIEST EARLIEST LATEST LATEST ON

START, FINISH, START, FINISH, SLACK, CRITICAL
ACTIVITY ES EF LS LF LS – ES PATH?
A 0 2 0 2 0 Yes
B 0 3 1 4 1 No
C 2 4 2 4 0 Yes
D 3 7 4 8 1 No
E 4 8 4 8 0 Yes
F 4 7 10 13 6 No
G 8 13 8 13 0 Yes
H 13 15 13 15 0 Yes

11 – 31
How to Find the Critical Path
FIGURE 11.6 – General Foundry’s Critical Path (A–C–E–G–H)

A 2 C 2 F 3
0 2 2 4 4 7
0 2 2 4 10 13

E 4 H 2
Start 4 8 13 15 Finish
4 8 13 15

B 3 D 4 G 5
0 3 3 7 8 13
1 4 4 8 8 13

11 – 32
Probability of Project Completion
• The critical path analysis helped determine
the expected project completion time of 15
weeks
– Variation in activities on the critical path can affect
overall project completion
– If the project is not complete in 16 weeks, the
foundry will have to close
• PERT uses the variance of critical path
activities to help determine the variance of the
overall project
Project variance = ∑ variances of activities
on the critical path
11 – 33
Probability of Project Completion
• From Table 11.2 we know
ACTIVITY VARIANCE
A 4/36
C 4/36
E 36/36
G 64/36
H 4/36

• Hence, the project variance is

Project variance = 4/36 + 4/36 + 36/36 + 64/36 + 4/36 = 112/36 = 3.111

11 – 34
Probability of Project Completion
• We know the standard deviation is the square root of
the variance, so

Project standard deviation =s T = Project variance

= 3.111 =1.76 weeks

• We assume activity times are independent and that

total project completion time is normally distributed
• A bell-shaped curve can be used to represent project
completion dates

11 – 35
Probability of Project Completion
FIGURE 11.7 – Probability Distribution for Project Completion Times

Standard Deviation = 1.76 Weeks

15 Weeks
Expected Completion Time

11 – 36
Probability of Project Completion
• The standard normal equation can be applied as
follows
Due date - Expected date of completion
Z=
sT
16 weeks - 15 weeks
= =0.57
1.76 weeks
• From Appendix A we find the probability of 0.71566
associated with this Z value
• That means the probability this project can be
completed in 16 weeks or less is 0.716

11 – 37
Probability of Project Completion
FIGURE 11.8 – Probability of General Foundry’s Meeting the 16-Week Deadline

Expected Time is 15 Weeks 0.57 Standard Deviations

Probability
(T ≤ 16 Weeks)
Is 71.6%

15 16 Time
Weeks Weeks

11 – 38
What PERT Was Able to Provide
1. The project’s expected completion date is 15
weeks
2. There is a 71.6% chance that the equipment
will be in place within the 16-week deadline
3. Five activities (A, C, E, G, H) are on the
critical path
4. Three activities (B, D, F) are not critical but
have some slack time built in
5. A detailed schedule of activity starting and
ending dates has been made available

11 – 39
 PERT/COST
• PERT is an excellent method of monitoring
and controlling project length but it does not
consider the very important factor of project
cost
• PERT/Cost is a modification of PERT that
allows a manager to plan, schedule, monitor,
and control cost as well as time

11 – 40
 Four Steps of the
Budgeting Process
1. Identify all costs associated with each of the
activities. Then add these costs together to get one
estimated cost or budget for each activity.
2. If you are dealing with a large project, several
activities can be combined into larger work
packages. A work package is simply a logical
collection of activities. Since the General Foundry
project we have been discussing is small, each
activity will be a work package.

11 – 41
 Four Steps of the
Budgeting Process
3. Convert the budgeted cost per activity into a cost per
time period. To do this, we assume that the cost of
completing any activity is spent at a uniform rate
over time. Thus, if the budgeted cost for a given
activity is $48,000 and the activity’s expected time is
four weeks, the budgeted cost per week is $12,000
(=$48,000/4 weeks).
4. Using the earliest and latest start times, find out how
much money should be spent during each week or
month to finish the project by the date desired.

11 – 42
Gantt Charts
Activity

Time (weeks)

43
 Budgeting for General Foundry
• The Gantt chart below illustrates this process
• Determine how much will be spent on each activity
during each week and fill these amounts into a chart
in place of the bars
FIGURE 11.9 – Gantt Chart for General Foundry Example

D
Activity

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Week 11 – 44
 Budgeting for General Foundry
TABLE 11.5 – Activity Cost for General Foundry, Inc.

EARLIEST LATEST TOTAL BUDGETED

START, START, EXPECTED BUDGETED COST PER
ACTIVITY ES LS TIME, t COST ($) WEEK ($)
A 0 0 2 22,000 11,000
B 0 1 3 30,000 10,000
C 2 2 2 26,000 13,000
D 3 4 4 48,000 12,000
E 4 4 4 56,000 14,000
F 4 10 3 30,000 10,000
G 8 8 5 80,000 16,000
H 13 13 2 16,000 8,000
Total 308,000

11 – 45
 Budgeting for General Foundry
LE 11.6 – Budgeted Cost (Thousands of Dollars) for General Foundry, Inc.,
Using Earliest Start Times

WEEK
ACTIVITY 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 TOTAL
A 11 11 22

B 10 10 10 30

C 13 13 26

D 12 12 12 12 48

E 14 14 14 14 56

F 10 10 10 30

G 16 16 16 16 16 80

H 8 8 16

308

Total per week 21 21 23 25 36 36 36 14 16 16 16 16 16 8 8

Total to date 21 42 65 90 126 162 198 212 228 244 260 276 292 300 308

11 – 46
Budgeting for General Foundry
• Budgeting using the earliest start time gives a
result that resembles the Gantt chart shown
previously
• If latest start times are used expenditures are
delayed until the latest possible time
• Any budget between these two ranges may
be chosen

11 – 47
 Budgeting for General Foundry
LE 11.7 – Budgeted Cost (Thousands of Dollars) for General Foundry, Inc.,
Using Latest Start Times

WEEK
ACTIVITY 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 TOTAL
A 11 11 22

B 10 10 10 30

C 13 13 26

D 12 12 12 12 48

E 14 14 14 14 56

F 10 10 10 30

G 16 16 16 16 16 80

H 8 8 16

308

Total per week 11 21 23 23 26 26 26 26 16 16 26 26 26 8 8

Total to date 11 32 55 78 104 130 156 182 198 214 240 266 292 300 308

11 – 48
 Budgeting for General Foundry
Total
Budgeted
FIGURE 11.10 – Cost
Budget Ranges for $300,000 –
General Foundry Budget Using
Earliest Start
Times, ES
250,000 –

200,000 –

Budget Using
Latest Start
150,000 –
Times, LS

100,000 –

50,000 –

| | | | | | | | | | | | | | |
0– 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Weeks

11 – 49
 Monitoring and Controlling Project
Costs

• Ensure the project is progressing on schedule

• Cost overruns are kept to a minimum
• Status of the entire project should be checked
periodically
– Is the project on schedule?
– What is the value of work completed?
– Are there any overruns?

11 – 50
 Monitoring and Controlling Project
Costs
• The value of work completed, or the cost to
date for any activity

Value of work (Percentage of work complete)

=
completed x (Total activity budget)

• The activity difference

Activity difference = Actual cost

– Value of work completed

11 – 51
 Monitoring and Controlling Project
Costs
E 11.8 – Monitoring and Controlling Budgeted Cost

VALUE OF
TOTAL WORK ACTIVITY
BUDGETED PERCENT OF COMPLETED ACTUAL DIFFERENCE
ACTIVITY COST ($) COMPLETION ($) COST ($) ($)
–
A 22,000 100
22,000 20,000 2,000

B 30,000 100
30,000 36,000 6,000

C 26,000 100 0
26,000 26,000

D 48,000 10
4,800 6,000 1,200

E 56,000 20
11,200 20,000 8,800
–
F 30,000 20
6,000 4,000 2,000
G 80,000 0 0 0 0
H 16,000 0 0
Overrun
0 0

Total 11 – 52
100,000 112,000 12,000
 Project Crashing
• Projects will sometimes have deadlines that
are impossible to meet using normal
procedures
• By using exceptional methods it may be
possible to finish the project in less time
• Costs usually increase
• Reducing a project’s completion time is called
crashing

11 – 53
 Project Crashing
• Start by using the normal time to create the
critical path
• The normal cost is the cost for completing the
activity using normal procedures
• If the project will not meet the required
deadline, extraordinary measures must be
taken
– The crash time is the shortest possible activity time
and will require additional resources
– The crash cost is the price of completing the
activity in the earlier-than-normal time

11 – 54
 Four Steps to Project Crashing
1. Find the normal critical path and identify the critical
activities.
2. Compute the crash cost per week (or other time
period) for all activities in the network using the
formula.

Crash cost – Normal cost

Crash cost/Time period =
Normal time – Crash time

11 – 55
 Four Steps to Project Crashing
3. Select the activity on the critical path with the smallest
crash cost per week. Crash this activity to the
maximum extent possible or to the point at which your
desired deadline has been reached.
4. Check to be sure that the critical path you were
crashing is still critical. Often, a reduction in activity
time along the critical path causes a noncritical path or
paths to become critical. If the critical path is still the
longest path through the network, return to step 3. If
not, find the new critical path and return to step 2.

11 – 56
 General Foundry
• Suppose
– General Foundry has been given 14 weeks instead
of 16 weeks to install the new equipment
– A bonus was on the line if equipment is installed in
12 weeks or less

• The critical path for the project is 15 weeks

• What options does the firm have?

11 – 57
 General Foundry
E 11.9 – Normal and Crash Data for General Foundry, Inc.

TIME (WEEKS) COST ($)

CRASH
COST PER CRITICAL
ACTIVITY NORMAL CRASH NORMAL CRASH WEEK ($) PATH?
A 2 1 22,000 23,000 1,000 Yes
B 3 1 30,000 34,000 2,000 No
C 2 1 26,000 27,000 1,000 Yes
D 4 3 48,000 49,000 1,000 No
E 4 2 56,000 58,000 1,000 Yes
F 3 2 30,000 30,500 500 No
G 5 2 80,000 86,000 2,000 Yes
H 2 1 16,000 19,000 3,000 Yes

11 – 58
 General Foundry
E 11.11 – Crash and Normal Times and Costs for Activity B

Activity
Cost
Crash

Crash Cost – Normal Cost

$34,000 — Crash Cost/Wk =
Normal Time – Crash Time
Crash $33,000 — $34,000 – $30,000
Cost =
3–1
$32,000 — $4,000
= = $2,000/Wk
2 Wks
$31,000 —

$30,000 — Normal

Normal —
Cost
| | |
1 2 3 Time (Weeks)
Crash Time Normal Time
11 – 59
Other Topics in Project Management
• Subprojects
– For extremely large projects, an activity may be made of
several smaller subactivities

• Milestones
– Major events in a project are often referred to as milestones

• Software
– Numerous project management software packages
– Most of these create PERT charts and Gantt charts and can
be used to develop budget schedules, adjust future start
times, and level resource utilization

11 – 60
 Resource Levelling
• In addition to managing the time and costs involved in a
project, a manager must also be concerned with the
resources used in a project. These resources might be
equipment or people. In planning a project (and often as
part of the work breakdown structure), a manager must ask
the question
• which resources are needed with each activity?
For example, in a construction project there may be several
activities requiring the use of heavy equipment such as a
crane. If the construction company has only one such crane,
then conflicts will occur if two activities requiring the use of
this crane are scheduled for the same day. Resource levelling
is to alleviate problems such as this.
11 – 61
 Resource levelling Continues
Adjusts the activity start
 This means that one or more activities are moved from the
earliest start time to another time (no later than the latest
start time) so that the resource utilization is more evenly
distributed over time.
 If the resources are construction crews, this is very
beneficial in that the crews are kept busy and overtime is
minimized.

Copyright ©2015 Pearson Education, Inc. 11 – 62

 Activities
12-18: A project was planned using PERT with three time estimates. The
expected completion time of the project was determined to be 40 weeks. The
variance of the critical path is 9.
(a) What is the probability that the project will be finished in 40 weeks or less?
(b) What is the probability that the project takes longer than 40 weeks?
(c) What is the probability that the project will be finished in 46 weeks or less?
(d) What is the probability that the project will take longer than 46 weeks?
(e) The project manager wishes to set the due date for the completion of the
project so that there is a 90% chance of finishing on schedule. Thus, there would
only be a 10% chance the project would take longer than this due date. What
should this due date be?

12-19: Tom Schriber, a director of personnel of Management Resources, Inc., is

in the process of designing a program that its customers can use in the job-finding
process. Some of the activities include preparing resumés, writing letters, making
appointments to see prospective employers, researching companies and
industries, and so on. Some of the information on the activities is shown in the
following table:
Copyright ©2015 Pearson Education, Inc. 11 – 63
 (a) Construct a network for this problem.
(b) Determine the expected time and variance for each activity.
(c) Determine ES, EF, LS, LF, and slack for each activity.
(d) Determine the critical path and project completion time.

Copyright ©2015 Pearson Education, Inc. 11 – 64

12-21 The air pollution project discussed in the chapter has progressed
over the past several weeks, and it is now the end of week 8.
Lester Harky would like to know the value of the work completed, the
amount of any cost overruns or underruns for the project, and the
extent to which the project is ahead of or behind schedule by
developing a table like Table 11.8. The revised cost figures are shown
in the following table:

Copyright ©2015 Pearson Education, Inc. 11 – 65

 (a) Calculate the expected time and variance for each activity.
(b) What is the expected completion time of the critical path? What is the
expected completion time of the other path in the network?
(c) What is the variance of the critical path? What is the variance of the
other path in the network?
(d) If the time to complete path A–C is normally distributed, what is the
probability that this path will be finished in 22 weeks or less?
(e) If the time to complete path B–D is normally distributed, what is the
probability that this path will be finished in 22 weeks or less?
(f) Explain why the probability that the critical path will be finished in 22
weeks or less is not necessarily the probability that the project will be
finished in 22 weeks or less.

Copyright ©2015 Pearson Education, Inc. 11 – 66

 FORMULAE

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Copyright ©2015 Pearson Education, Inc. 11 – 68