X Is a Random Variable with the Probability Function: F(x)

question 5

Multiple Choice

x is a random variable with the probability function: f(x) = x/6 for x = 1,2 or 3. The expected value of x is

• A)0.333
• B)0.500
• C)2.000
• D)2.333

Grasp the relationship between project specifications, client expectations, and project success.

Distinguish between project and operational work.

Acknowledge client expectations as a combination of concrete specifications and emotional components.

Identify different types of organizations and their impact on project management.

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Definitions:

Direct Labor-Hours

The total hours worked by employees directly involved in the manufacturing process, used as a base for allocating overheads.

Direct Labor Rate

The cost per hour for direct labor, typically used in calculating the total direct labor cost for a product or job.

Direct Labor Budget

A financial plan that estimates the cost of direct labor required to meet production goals within a specific period.

Direct Labor Rate

The cost per hour for direct labor applied to the production of goods or services.