Project Management -UNIT SEVEN Latest
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A major component of the time Time for the delivery of products
estimates will be labor hours, (ordering/vendor
which lead time)
will feed back to the budgeting Time for products to cure (drying time for
process to ensure that appropriate paint and
labor dollars have been allocated. concrete)
Other time considerations include: Time to get necessary equipment put in
place
Duration estimation techniques fall deterministic and probabilistic.
into two general categories:
,Deterministic duration estimation techniques are
appropriate
when the activity durations are very
predictable.
requires that the team expert provide a
reliable
estimate of the time necessary to complete
the
activity.This method is also called the
one-point
estimate method because the expert
provides a
single estimate for an activity based on
either his or
her own knowledge or historical
information
Probabilistic duration estimation techniques are used
when
there is uncertainty in how long an activity
will take.
, The second probabilistic method is the beta distribution or weighted
average. The
beta distribution still uses the three
estimates
(optimistic, most likely, and pessimistic)
but places
emphasis on the most likely estimate.The
formula
for the beta distribution places emphasis
on the
most likely estimate. This is accomplished
by
multiplying the most likely estimate (M) by
a factor
of four.
The first probabilistic approach is the triangular distribution or simple
average. The
three estimates are averaged together.The
experts
are asked to provide an optimistic estimate
(O), a
pessimistic estimate (P), and a most likely
estimate
(M).
Project management often uses duration
the Correct! Duration is used to describe the
term________to describe the number
number of of time periods required to complete a
time periods required to complete portion of
some portion of the work. the work.
Premium Exam Questions and Answers with
Verified Solutions | Latest Updated 2026
A major component of the time Time for the delivery of products
estimates will be labor hours, (ordering/vendor
which lead time)
will feed back to the budgeting Time for products to cure (drying time for
process to ensure that appropriate paint and
labor dollars have been allocated. concrete)
Other time considerations include: Time to get necessary equipment put in
place
Duration estimation techniques fall deterministic and probabilistic.
into two general categories:
,Deterministic duration estimation techniques are
appropriate
when the activity durations are very
predictable.
requires that the team expert provide a
reliable
estimate of the time necessary to complete
the
activity.This method is also called the
one-point
estimate method because the expert
provides a
single estimate for an activity based on
either his or
her own knowledge or historical
information
Probabilistic duration estimation techniques are used
when
there is uncertainty in how long an activity
will take.
, The second probabilistic method is the beta distribution or weighted
average. The
beta distribution still uses the three
estimates
(optimistic, most likely, and pessimistic)
but places
emphasis on the most likely estimate.The
formula
for the beta distribution places emphasis
on the
most likely estimate. This is accomplished
by
multiplying the most likely estimate (M) by
a factor
of four.
The first probabilistic approach is the triangular distribution or simple
average. The
three estimates are averaged together.The
experts
are asked to provide an optimistic estimate
(O), a
pessimistic estimate (P), and a most likely
estimate
(M).
Project management often uses duration
the Correct! Duration is used to describe the
term________to describe the number
number of of time periods required to complete a
time periods required to complete portion of
some portion of the work. the work.
