If Two Projects with Uncertain Outcomes Had the Same Expected

question 6

Multiple Choice

If two projects with uncertain outcomes had the same expected value,but project A had two similar but uncertain outcomes with similar probabilities of occurrence while project B had a low probability of a disaster and a high probability of a positive outcome a ________ decision maker would choose Project A.

• A)risk-neutral
• B)risk-loving
• C)risk-averse
• D)perfectly informed

Understand the role of tools and techniques in project management, including Gantt charts and Work Breakdown Structure (WBS).

Comprehend the significance and application of critical path analysis in project planning and execution.

Acknowledge the importance of ethics and professional codes in guiding project management practices.

Apply knowledge of CPM to analyze project duration and identify critical activities.

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Definitions:

Formal Group

A group structured with specific roles and objectives, often created within organizations to accomplish defined tasks.

Organizational Boundaries

The defined limits that separate an organization from its environment and delineate individual or team roles, responsibilities, and functions within it.

Unspoken Norms

Implicit rules and expectations that govern behavior within a society or group, often understood and followed without being formally communicated.

Team Building

Activities and exercises designed to enhance social relations and define roles within teams, often involving collaborative tasks.