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If the pessimistic estimate of a project is Rs. 12 Cr, the optimistic is Rs. 9 Cr and the most likely estimate is Rs. 10 Cr, then the expected value (Rs. in Cr) would be
- a)10.16
- b)10
- c)11.42
- d)12
Correct answer is option 'A'. Can you explain this answer?
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Most Upvoted Answer
If the pessimistic estimate of a project is Rs. 12 Cr, the optimistic ...
The expected value of a project (E) whose pessimistic estimate is(Ep), optimistic estimate is(Eo) and Most likely estimate is (Em) is given by :
Given:
Pessimistic estimate of a project = Rs. 12 Cr, optimistic estimate of a project = Rs. 9 Cr and most likely estimate = Rs. 10 Cr
∴ The expected value of the project is,
Given:
Pessimistic estimate of a project = Rs. 12 Cr, optimistic estimate of a project = Rs. 9 Cr and most likely estimate = Rs. 10 Cr
∴ The expected value of the project is,
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If the pessimistic estimate of a project is Rs. 12 Cr, the optimistic ...
Calculation of Expected Value:
Step 1: Calculate the Expected Value using the formula:
Expected Value = (Pessimistic + 4 * Most Likely + Optimistic) / 6
Step 2: Substitute the given values into the formula:
Expected Value = (12 + 4 * 10 + 9) / 6
Expected Value = (12 + 40 + 9) / 6
Expected Value = 61 / 6
Expected Value = 10.16 Cr
Therefore, the expected value of the project is Rs. 10.16 Cr.
This value is calculated based on the weighted average of the pessimistic, most likely, and optimistic estimates, considering the likelihood of each scenario occurring.
Step 1: Calculate the Expected Value using the formula:
Expected Value = (Pessimistic + 4 * Most Likely + Optimistic) / 6
Step 2: Substitute the given values into the formula:
Expected Value = (12 + 4 * 10 + 9) / 6
Expected Value = (12 + 40 + 9) / 6
Expected Value = 61 / 6
Expected Value = 10.16 Cr
Therefore, the expected value of the project is Rs. 10.16 Cr.
This value is calculated based on the weighted average of the pessimistic, most likely, and optimistic estimates, considering the likelihood of each scenario occurring.
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