The Proper Time to Develop a Revised and Detailed Project

question 15

Multiple Choice

The proper time to develop a revised and detailed project plan for the client and finalize your budget and payment schedule for the continuation of the project is:

• A) at the end of the pilot phase
• B) at the end of beta development
• C) before developing the prototype
• D) during pretesting

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Definitions:

Expected Value

The projected value of a variable, calculated as an average weighted by probabilities in statistical analysis.

Expected Monetary Value

A statistical technique to calculate the average outcome when the future includes scenarios that may or may not happen.

State of Nature Node

A decision analysis tool used to represent possible future events or outcomes in decision making under uncertainty.

State of Nature

A term used in decision theory and statistics to describe possible outcomes in a situation which are not under the control of the decision-maker.