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A Project Manager Learns That Her Project Has an EV

question 59

Essay

A project manager learns that her project has an EV of 1200, AC of 1100 and PV of 1000.What can the project manager report regarding this project?


Definitions:

Probability

A numerical expression of an event's probability, with the scale going from 0, symbolizing that the event cannot occur, to 1, signifying guaranteed occurrence.

Probability of Failure

The likelihood or chance that a system or component will fail to perform its required function within a specified period under normal operating conditions.

Binomial Random Variable

A type of discrete random variable that counts how often a particular event occurs in a fixed number of trials.

Binomial Table

A table used to find the probability of obtaining a fixed number of successes in a given number of trials in a binomial experiment.

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