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Your Project Team Is Interested in Determining an Overall Risk

question 49

Essay

Your project team is interested in determining an overall risk factor for your project to develop a personal submarine constructed entirely of Popsicle sticks and wood glue.Describe how you would develop reasonable estimates for each of the probability of failure categories and each of the consequence of failure categories.


Definitions:

Goodness-of-fit Test

A statistical test used to determine how well sample data fit a distribution from a population with a normal distribution.

Normally Distributed

Describes a statistical distribution where the arrangement is balanced around the mean, indicating that observations close to the mean happen more often than those further away.

Regression Line

A line of best fit through a dataset in regression analysis, showing the relationship between the independent and dependent variables.

Sum Of Squares

The total of the squared differences between each observation and the overall mean.

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