Project Management Simulation Use the project management model from Exercise 1.7. Projects are notorious for running over budget and taking longer than anticipated.

Suppose that each activity time from Table 1.4 is uncertain and follows a PERT distribution with the table numbers being the most likely values, but with minimum values = 50% of the table entries and maximum values = 150% of the table entries (there are typically more things that cause a task to take more time rather than less, but the results will be more insightful if we assume symmetric uncertainty). Calculate the expected time to project completion and provide a 90% confidence interval for the time to completion. What is the probability that the time will exceed 15 months (i.e., the answer from Exercise 1.7)?