12 Questions
Which technique is used to numerically analyze the effect of identified risks on overall project objectives?
Sensitivity analysis
What is the statistical concept that calculates the average outcome when considering scenarios that may or may not happen?
Expected monetary value (EMV) analysis
Which method involves translating the detailed uncertainties of a project into a model to understand their impact on project objectives?
Modeling and simulation
What technique involves multiplying the value of each possible outcome by its probability of occurrence and summing these products to calculate project outcomes?
Expected monetary value (EMV) analysis
What is the formula for Triangular Distribution?
tE = (tO + tM + tP) / 3
Which reserve accounts for known-unknowns and is included in the schedule baseline?
Contingency reserve
What does the PERT technique use to calculate the estimate (tE)?
(tO + 4tM + tP) / 6
Which estimate is based on the worst-case scenario for an activity?
Pessimistic estimate
What is the formula for Triangular Distribution according to the text?
(tO + tM + tP) / 3
Which reserve is associated with the known-unknowns?
Contingency reserve
What is the formula for Beta Distribution (traditional PERT technique) according to the text?
(tO + 4tM + tP) / 6
Which technique is NOT listed as a method to improve cost estimate accuracy in the text?
Brainwriting
This quiz covers the concepts of PERT (Program Evaluation and Review Technique) using Beta and Triangular distributions in project management. It discusses how to calculate the expected duration using different estimates for optimistic, most likely, and pessimistic scenarios, along with contingency and management reserves.
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