The project completion time with a 75 percent certainty is 42 weeks.
Further Explanation:
Given information:
Expected completion time of a project = 40 weeks
The variance of its critical path activities = 9
Computation of the project completion time with a 75% certainty:
Refer to the normal distribution table, the value of z is taken on 0.75 which is 0.67.
The standard deviation of its critical path activities = √variance
= √9
= 3
Expected time = 40 weeks
Project completion time with 75% certainty = Expected time + Z-value × Standard deviation
= 40 + 0.67× 3
= 40 + 2.01
= 42.01 weeks
If the project has a certainty of 75 percent, then the project is completed with in 42 weeks. If the project has a certainty of 100 percent, then the project is completed with in 40 weeks.
Critical path:
The critical path refers to assigning the different jobs in a way to complete the whole project in minimum time. As the time duration of the project is minimum, the cost for the project is also minimum.
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Answer details:
Grade: Middle School
Subject: Business
Chapter: Critical path
Keywords: expected completion, time of a project, 40 weeks, variance, critical path activities, 75% certainty, completion time, time duration, minimum, expected time, z-value, standard deviation, normal distribution.
