The Estimated Cost of an Activity Should Be

question 85

Multiple Choice

The estimated cost of an activity should be

• A) padded to include contingency funds for all conceivable issue
• B) reasonable and realistic
• C) conservative to cover costs
• D) optimistic and without contingency

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Definitions:

With Replacement

In sampling, "with replacement" means that once an item is selected, it's put back into the population before the next selection, making it possible to be chosen again.

Sampling Without Replacement

A method of sampling where once an individual is selected, they are not placed back into the population for the possibility of a second selection.

Hypergeometric Distribution

A probability distribution used to calculate probabilities for drawing successes without replacement from a finite population.

Binomial Distribution

A probability distribution that summarizes the number of successes in a fixed number of binary experiments.