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Consider the network shown in figure. The three time estimates for activities are given along the arrows. Then the standard deviation of the project is
Ans. A
- a)2.08
- b)3.16
- c)4.81
- d)5.3
Correct answer is option ''. Can you explain this answer?
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Consider the network shown in figure. The three time estimates for ac...
Hence critical path is 1-2-3-4-5-6 Standard deviation is σ
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Consider the network shown in figure. The three time estimates for ac...
Understanding Project Time Estimates
In project management, each activity is associated with three time estimates: optimistic (a), pessimistic (b), and most likely (m). These estimates help in determining the expected duration and standard deviation of the project.
Calculating Standard Deviation
The standard deviation (σ) of an activity can be calculated using the formula:
σ = (b - a) / 6
Where:
- a = Optimistic time estimate
- b = Pessimistic time estimate
Steps for Calculation
- Identify the Time Estimates:
- Gather the optimistic (a), pessimistic (b), and most likely (m) estimates for each activity in the network.
- Apply the Formula:
- For each activity, calculate the standard deviation using the formula provided.
- Aggregate Standard Deviations:
- If the project consists of multiple activities, determine which activities are on the critical path and sum their variances (σ²).
- Calculate Overall Standard Deviation:
- The overall standard deviation of the project is the square root of the total variance.
Choosing the Correct Answer
After applying the above calculations, if you arrive at a standard deviation of approximately 2.08, 3.16, 4.81, or 5.3, compare it to your computed value.
If your calculations confirm a standard deviation of 2.08, then the correct answer is option "a".
Conclusion
Understanding how to calculate the standard deviation of a project is crucial for risk management and scheduling. Make sure to accurately gather and apply the time estimates to achieve the correct result.
In project management, each activity is associated with three time estimates: optimistic (a), pessimistic (b), and most likely (m). These estimates help in determining the expected duration and standard deviation of the project.
Calculating Standard Deviation
The standard deviation (σ) of an activity can be calculated using the formula:
σ = (b - a) / 6
Where:
- a = Optimistic time estimate
- b = Pessimistic time estimate
Steps for Calculation
- Identify the Time Estimates:
- Gather the optimistic (a), pessimistic (b), and most likely (m) estimates for each activity in the network.
- Apply the Formula:
- For each activity, calculate the standard deviation using the formula provided.
- Aggregate Standard Deviations:
- If the project consists of multiple activities, determine which activities are on the critical path and sum their variances (σ²).
- Calculate Overall Standard Deviation:
- The overall standard deviation of the project is the square root of the total variance.
Choosing the Correct Answer
After applying the above calculations, if you arrive at a standard deviation of approximately 2.08, 3.16, 4.81, or 5.3, compare it to your computed value.
If your calculations confirm a standard deviation of 2.08, then the correct answer is option "a".
Conclusion
Understanding how to calculate the standard deviation of a project is crucial for risk management and scheduling. Make sure to accurately gather and apply the time estimates to achieve the correct result.
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Consider the network shown in figure. The three time estimates for ac...
Hence critical path is 1-2-3-4-5-6 Standard deviation is σ
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Consider the network shown in figure. The three time estimates for activities are given along the arrows. Then the standard deviation of the project isAns. Aa) 2.08b) 3.16c) 4.81d) 5.3Correct answer is option ''. Can you explain this answer?
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