Contrast the Traditional Statistical Approach to Calculating the Probability of Completing

question 41

Essay

Contrast the traditional statistical approach to calculating the probability of completing a project by a specified time with the simulation approach.

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Definitions:

Degrees of Freedom

The quantity of independent variables or amounts that may be allocated to a statistical distribution.

Mean

The average of a set of numbers, calculated by adding them together and dividing by the total number of values.

Degrees of Freedom

The count of separate values or quantities that a statistical distribution can possess.

Distribution

In statistics, it describes the way in which something is shared out among a group or spread over an area, particularly the way that values of a variable or dataset are spread or dispersed.