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A company has used PERT for a project and wants to minimize the probability of overrunning a contract deadline of 30 weeks. Three paths of concern in the PERT network have these mean durations and variances in weeks:
a.What is the Z-score for path 1?
b.What is the probability of path 2 overrunning the deadline?
Probability of Success
The likelihood of achieving a desired outcome or event.
Binomial Distribution
A probability distribution that represents the number of successes in a set number of independent binary (success/failure) experiments.
Consecutive Trials
Successive attempts or tests carried out to achieve a particular result, where each trial follows the previous one without interruption.
Possible Outcomes
Refers to all the potential results that could occur from a specified event or experiment.
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