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Describe in Words How to Calculate a Project's Standard Deviation

question 56

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Describe in words how to calculate a project's standard deviation. What assumption allows that calculation to be accurate?


Definitions:

Average Demand

The mean amount of a product or service consumed or requested by customers over a specific period.

Cumulative Probability

The likelihood of an event happening up to a certain point, calculated by summing the probabilities of the event and all occurrences before it.

Interval of Random Numbers

A range within which random numbers can be generated, often used in simulations and probabilistic analyses.

Cumulative Probability

The probability that a random variable is less than or equal to a specific value, often visualized as the area under the probability distribution curve up to that point.

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