Discussion Questions Set 3:

1. Explain the differences between decision-making under certainty, decision-making under risk, and decision-making under uncertainty.
2. Describe the Critical Path method. Identify potential issues associated with that method.
3. Consider the three scenarios given with their activity-on-arrow diagrams below. Assume all activities are normally distributed with the mean of 10 days and standard deviation of 3 days. Would you expect all three scenarios to have the same duration? Why/why not?
4. Explain the benefits and limitations of Monte Carlo Simulation. Describe how Monte Carlo Simulation can be used in a project environment. Please give specific examples of the tool used in decision making and risk modeling.
5. Identify and explain five quality control tools that are commonly used to monitor a project's performance.