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Project Management: Time Estimation and Forecasting

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Project Management: Time Estimation and Forecasting

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Questions and Answers

What is the term used to describe the time an activity may be completed under the best possible conditions?

Forecasting

Optimistic Time Estimate (correct)

Most Likely Time Estimate

Pessimistic Time Estimate

Which technique is used to determine the optimal solution within the constraints of a decision?

Simulation

Linear Programming (correct)

Sampling Theory

Regression Analysis

What is the purpose of Bayesian Analysis in decision-making?

To identify the best course of action

To determine the most likely outcome of an event

To revise and update the initial assessments of the events probabilities (correct)

To predict the future outcome of a decision

What is the term used to describe the association between two or more variables in a forecasting method?

Regression Analysis Signup and view all the answers

What is the purpose of Sampling Theory in decision-making?

To statistically determine a sample of a population Signup and view all the answers

What is the term used to describe the process of making decisions in situations involving limited or partial information?

Statistical Decision Theory Signup and view all the answers

What is the primary role of planning in an organization?

To set a sense of direction for achieving organizational objectives Signup and view all the answers

At what levels of management is planning found?

At all levels of management, including top, middle, and frontline Signup and view all the answers

What is the result of planning on organizational focus?

It makes objectives more concrete Signup and view all the answers

What is the role of planning in responding to uncertainty and change?

It helps managers to forecast future requirements and make necessary provisions Signup and view all the answers

What is the outcome of planning on action orientation in an organization?

It makes organizations more results-oriented and priority-oriented Signup and view all the answers

What is the impact of planning on economy and efficiency?

It secures economy and efficiency Signup and view all the answers