Which of the Following Statements Regarding PERT Times Is True

question 5

Multiple Choice

Which of the following statements regarding PERT times is true?

• A) The expected time is an estimate of the time an activity will require if everything goes as planned.
• B) The optimistic time estimate is an estimate of the maximum time an activity will require.
• C) The expected time estimate is calculated as t = (a + 4m + b)/6.
• D) The pessimistic time estimate is an estimate of the minimum time an activity will require.
• E) The most likely time estimate is an estimate of the maximum time an activity will require.

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Definitions:

Total Surplus

The sum of consumer surplus and producer surplus in a market, measuring the total net benefit to society from the production and consumption of a good or service.

Free-Trade Policy

Economic policies that eliminate tariffs and trade barriers between countries to encourage trade and economic integration.

Import Quota

A government-imposed restriction on the quantity of a specific good that can be imported into a country.

Consumer Surplus

The difference between the total amount that consumers are willing to pay for a good or service and the total amount they actually pay.