Which of the following is true?
A)PERT gives a better solution than the expected value criterion.
B)To use the expected value criterion, we must know every possible outcome.
C)The expected value criterion determines the optimal decision by choosing the best expected payoff.
D)Adding resources will decrease the project time to completion.

Question

Quizplus · Accepted Answer

The expected value criterion determines the optimal decision by choosing the option with the highest expected payoff. PERT is a technique used for project management, not decision making. Knowing every possible outcome is not necessary for using the expected value criterion. Adding resources may or may not decrease the project time to completion, depending on the specific circumstances.

Which of the Following Is True