Three Team Members Are Given the Task of Estimating Activity

question 4

Essay

Three team members are given the task of estimating activity durations.Mr.Optimist estimates the activity to take 2 days to complete.Ms.Pessimist estimates the activity to take 5 days.Mrs.Realist claims that the most likely estimate is 4 days.What should their PERT analysis assign as an expected duration for the activity and what are the benefits and implications of deploying this tool?

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Definitions:

Cost of Goods Manufactured

The total production cost of goods completed during a specific period, including materials, labor, and overhead costs.

Direct Labor Usage

The total amount of labor directly involved in the manufacturing process, often used in calculating production costs and efficiency.

Factory Wages Payable

An account representing the amounts owed to manufacturing personnel for wages that have been earned but not yet paid.

Work in Process Inventory

Goods in manufacturing that are partially completed; not yet ready for sale but more advanced than raw materials.