What Approaches Can Companies Use to Estimate Time and Costs

question 52

Essay

What approaches can companies use to estimate time and costs for a systems development project?

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Definitions:

Success Probability

The likelihood or chance of a desired outcome or event occurring, often used in the context of experiments, trials, or processes.

Random Variable

A numerical variable whose values are determined by the outcomes of random situations.

Poisson Distribution

A statistical distribution showing the probability of a given number of events happening in a fixed interval of time or space if these events occur with a constant mean rate and independently of the time since the last event.

Poisson Distribution

A distribution for predicting the probability of a given number of events occurring over a fixed interval of time or space.