In a Project Analysis Using Three Time Estimates with More

question 24

Multiple Choice

In a project analysis using three time estimates with more than one critical path existing, how does the project manager decide which variances to use in arriving at the probability of meeting the project due date?

• A) The project manager averages the variances and uses that.
• B) The project manager uses the smallest variance in order to get the highest probability of on-time completion.
• C) The project manager uses the variances considered most correct.
• D) The project manager uses the largest variances in order to understate the probability of on-time completion.
• E) The project manager uses the most likely estimate plus the amount of slack time in the project.

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Definitions:

Expected Inflation

The anticipated rate at which the general level of prices for goods and services will rise over a period.

Internal Rate

Often referred to as the internal rate of return (IRR), it is the discount rate that makes the net present value (NPV) of all cash flows from a particular project zero.

Net Present Value

A financial metric used to evaluate the profitability of an investment or project, calculated by subtracting the present value of cash outflows from the present value of cash inflows over a period of time.

Payback Period

The amount of time it takes for an investment to generate cash flows sufficient to recover its initial cost.