If the Mean Critical Path Time for a CPM/PERT Project

question 20

Multiple Choice

If the mean critical path time for a CPM/PERT project network is 30 weeks and the variance is 7.20 weeks,the probability that the project will be completed in 27 weeks is approximately

• A).3409
• B).1313
• C).1591
• D).2736

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Definitions:

Inferior Good

A type of product for which demand decreases as the income of the consumer increases.

Cross Elasticity

Cross elasticity of demand measures the responsiveness of the demand for a good to a change in the price of another good, identifying substitute or complementary relationships.

Quantity Demanded

The total amount of goods or services that consumers are willing and able to buy at a specific price level, at a given point in time.

Normal Good

A type of good for which demand increases as the income of consumers increases, and vice versa.