Question: Which tool is a formal method for estimating the duration of a project using three time estimates for an activity: shortest possible time, most likely

Which tool is a formal method for estimating the duration of a project using three time estimates for an activity: shortest possible time, most likely time, and longest possible time?

Standard estimation system

Gantt Chart

Program evaluation and review technique

Work breakdown structure

Which tool is a formal method for estimating the duration of

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related General Management Questions!

A 0.5 1 1 2. Given below are additional details for the Evergreen Company's construction project, i.e. three time estimates. Activity Optimistic Most Likely Pessimistic 2 B 2 2.5 2.5 3 3.5 D 1 2 3 E...

The table below contains the activity times and precedence requirements for the activities required to complete a project. Using three time estimates (optimistic time, most likely time, and...

Please answer the following questions using the excel sheet provided. Example 4.1 - Single Time Estimate Immediate Predecessors P1 P2 Activity A B C D E F G Time 21 5 7 2 5 8 2 Path 1 2 3 4 1 A A A A...

Assignment: Cost Estimation and Analysis Exercises for Project Management Exercise 1 : Project Network Analysis Using PERT Method Consider a project having 1 0 activities with the following time...

QUESTION 1 A CPI or SPI value less than one indicates that the project is a. Under cost or behind schedule. b. Over cost or ahead of schedule. c. Over cost or behind schedule. d. Under cost or ahead...

QUIZ 1: SCHEDULE MANAGEMENT Question 1 1pts A gentleman farmer maniacally works on academic projects to raise funds for his true passion, farming. He has identified seven tasks and developed three...

Looking at types of networks, what type tends to be used for R & D projects where the risks in calculating time durations have a high variability? Select one: CPM Gantt PDM ADM PERT Clear my...

12. Which of the dependency known as soft logic in Project Schedule. a) Mandatory b) Discretionary c) External 13. To Estimate Activity durations, we use 3 kinds of tools and techniques: Provide...

Old Farm House Business Case You have inherited a century old farm house and acreage in a rural area. You have visited the site and made an inspection. The house needs a great deal of repair work to...

Assume that you invest $3762 per year in an account that is expected to average 10.6% return per year for the next 30 years. How much do you expect to have in the account at the end of the 30 years?

Why is sales skimming called an off- book fraud?

Results from testing the IFE will vary depending on the inflation rate and the month of the year used. Group of answer choices True False

The annual demand for an item is 1,700 units. The order cost is $7. Unit cost is $8 and the unit holding cost per year is 18% of the item's value. The order quantity is 125 units. What are the total...