With Projects for Which There Is a High Degree of Uncertainty

question 14

Multiple Choice

With projects for which there is a high degree of uncertainty about the estimated durations for activities, it is possible to use three time estimates:

• A) an original estimate, a petrified estimate, and a most likely estimate.
• B) an optimistic estimate, a pessimistic estimate, and a most likely estimate.
• C) an optimized estimate, a primary estimate, and a most likely estimate.
• D) an opportunity estimate, a pragmatic estimate, and a most likely estimate.

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Definitions:

Economic Behavior

The actions and decisions made by individuals, households, firms, and governments in relation to production, consumption, work, and investment, influenced by economic policies and market conditions.

Ultimatum Game

A behavioral economics game in which a mutually anonymous pair of players interact to determine how an amount of money is to be split. The first player suggests a division. The second player either accepts that proposal (in which case the split is made accordingly) or rejects it (in which case neither player gets anything).

Dictator Game

An experimental game in economics where one player, the "dictator," determines how to divide an endowment (such as a sum of money) between themselves and the second player, studying social preferences like altruism.

Total Control

A situation where all aspects of a process or system are under the direct authority and regulation of a single entity.