If the Time Estimates for an Activity Are A=10,m=12 and B=20,the

question 13

Multiple Choice

If the time estimates for an activity are a=10,m=12 and b=20,the variance according to a beta distribution is

• A)1.33
• B)1.67
• C)2.79
• D)3.05

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Definitions:

Likelihood of Outcome

The probability or chance that a specific outcome will occur out of a set of possible outcomes.

Personal Estimate

An individual's judgment or assessment of something, often based on personal experiences or perceptions.

Representativeness Heuristic

A cognitive bias in which an individual categorizes a situation based on how similar it is to a typical case from one's experiences, potentially leading to errors in judgment.

Byron

A reference to Lord Byron, a British Romantic poet known for his flamboyant lifestyle and works such as "Don Juan" and "Childe Harold's Pilgrimage."