The Beta Distribution Is Used in Project Management to

question 23

Multiple Choice

The Beta distribution is used in project management to

• A) determine which activity should be crashed.
• B) calculate the probability that a project will be completed within its budget.
• C) calculate expected activity times.
• D) calculate slack for activities on the critical path.
• E) calculate slack for activities on the shortest path.

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Definitions:

Winding-Up Process

A formal procedure in which a company's assets are liquidated and liabilities are paid off before the company is dissolved.

Fiduciary Duty

A legal obligation of one party to act in the best interest of another. The obligated party is typically in a position of trust, such as a financial advisor or trustee.

Rightful Dissolution

The legally justified process of formally ending the existence of an entity, such as a corporation or partnership.

Managing Partner

A member of a partnership who is responsible for its day-to-day operations and has the authority to make managerial decisions.