If a Project Is Expected to Be Completed in 68

question 29

Multiple Choice

If a project is expected to be completed in 68 days with a project variance of 21 days,what is the probability that the project will be completed within 70 days?

• A)between 35% and 40%
• B)between 45% and 50%
• C)between 55% and 60%
• D)between 65% and 70%

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Definitions:

Social Planner

A hypothetical figure in economic theories who makes decisions designed to allocate resources efficiently and achieve social welfare objectives.

Private Cost

The expenses that a company or an individual incurs as a result of its economic activity, excluding any external costs.

Private Value

The value of a good or service to a particular buyer or group of buyers, which may differ from its market price or the value to other buyers.

Deadweight Losses

Economic inefficiencies that occur when supply and demand are not in equilibrium, usually due to government intervention like taxes or subsidies.