What Is the Estimated Expected (Mean) Time for Project Completion

question 49

Multiple Choice

What is the estimated expected (mean) time for project completion?

• A)100 days
• B)140 days
• C)199 days
• D)200 days
• E)440 days

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Definitions:

Anchoring and Adjustment Heuristic

A cognitive bias where an individual relies too heavily on an initial piece of information (anchor) when making decisions, with insufficient adjustments made thereafter.

Gambler's Fallacy

The erroneous belief that if something happens more frequently than normal during a given period, it will happen less frequently in the future, or vice versa.

Coin Flip

A method of making a decision or selecting between two options by tossing a coin and observing which side lands facing up.

Illusory Correlation

The mistaken perception of a relationship between two events or variables that are actually unrelated, often due to cognitive biases.