Given an Activity's Optimistic, Most Likely, and Pessimistic Time Estimates

question 98

Multiple Choice

Given an activity's optimistic, most likely, and pessimistic time estimates of 4, 14, and 18 days respectively, compute the PERT expected activity time for this activity.

• A)14
• B)12
• C)11
• D)13

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Definitions:

English Auction

A bidding process where the price of the item for sale ascends with each bid, and the highest bid at the auction's close wins.

Reservation Price

Maximum price that a customer is willing to pay for a good.

Bargaining Power

The ability of a party (individual, group, company) to exert influence over the terms and conditions of an agreement or negotiation.

Winner's Curse

The Winner's Curse is a phenomenon that occurs in auctions, where the winner tends to overpay due to estimating the value of an item more highly than its true value.