Explain the differences between decision making under certainty, decision making under risk, and decision making under uncertainty Describe the Critical Path method Identify potential issues associated with that method 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 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 Identify and explain five quality control tools that are commonly used to monitor a project's performance A Al A2 A3 O Al B1 B A2 B2 C (Scenario 1) C (Scenario 2) A3 B3 (Scenario 3) A4 B4 O O E A5 B5

Question: Explain the differences between decision-making under certainty, decision-making under risk, and decision-making under uncertainty. Describe the Critical Path method. Identify potential issues associated with that

Explain the differences between decision-making under certainty, decision-making under risk, and decision-making under uncertainty.

Describe the Critical Path method. Identify potential issues associated with that method.
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?
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.
Identify and explain five quality control tools that are commonly used to monitor a project's performance.

A Al A2 A3 O Al B1 B A2 B2 C (Scenario 1) C (Scenario 2) A3 B3 (Scenario 3) A4 B4 O O E A5 B5

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