QUESTION 3 In three point estimating, what does the expected duration (or cost) represent in terms of variability or risk? In 3 to 5 grammatically correct sentences, answer this question as if it came from a senior executive with limited technical background. Diagram and Table for Questions 3, 4 and 5 Below are the critical path activities with the three point estimates of duration. The optimistic time (O), most likely time (M) and pessimistic time (P) are shown at the bottom of each activity. Durations are in days. The number inside the circles represent ij numbering. For example, activity B would be 1,2 and activity Fwould be 2,3. Use Beta Distribution for your PERT calculations. F X 5 5,6,7 2,5,8 4,5, 12 2,3,4 3,4,5 1, 3, 11 B G M 0 1 2 3 6 7 Do NOT round up or down. Keep to 1 decimal place. Activity o M P Exp. Dur. Std. Dev. Var. B F G M O X 3) What is the expected duration for completing the project? 4) In days, what would be your answer if your boss asked you the project duration at 85% probability? days Beta Equations: Exp. Dur. = 0+4M+P 6 Std. Dev. = P-O 6