Describe the Ideal Approach for a Project Manager to Develop

question 89

Essay

Describe the ideal approach for a project manager to develop optimal estimates for a project's time and costs.

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Definitions:

Freshmen

First-year students at a high school, college, or university.

Simple Random Sample

A sample in which each member of the population has an equal chance of being selected, ensuring that the sample accurately reflects the population from which it is drawn.

Probability

The quantification of the probability of an event happening, represented by a numerical value ranging from 0 to 1.

Central Limit Theorem

A statistical theory stating that the distribution of sample means approximates a normal distribution as the sample size becomes sufficiently large.