Joe used a project management software package and has determined the following results for a given project:
Expected completion time of the project = 22 days
Variance of project completion time = 2.77
What is the probability of completing the project within 20 days?
A) 0.3849
B) 0.8849
C) 0.1151
D) 0.7642

Question

Quizplus · Accepted Answer

We can use the formula Z = (X - μ) / σ, where X is the completion time we're interested in (20 days in this case), μ is the expected completion time (22 days), σ is the square root of the variance (1.665 in this case), and Z is the standardized normal distribution value.

Plugging in the values, we get Z = (20 - 22) / 1.665 = -1.2. We can then look up the probability of Z being less than or equal to -1.2 in a standard normal distribution table or calculator, which is 0.1151. Therefore, the probability of completing the project within 20 days is 0.1151 or 11.51%.

Joe Used a Project Management Software Package and Has Determined