Ned is the project manager of the HNN project for your company.
Ned has asked you to help him complete some probability distributions for his project.
What portion of the project will you most likely use for probability distributions?
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A. B. C. D.C.
Risk probability distributions are likely to be utilized in uncertain values, such as time and cost estimates for a project.
Incorrect Answers: A: Risk probability distributions do not typically interact with the bias towards risks in new resources.
B: Risk probability distributions are not likely to be used with risk probability and impact matrices.
D: Risk probability distributions are not likely the risk identification.
C. Uncertainty in values such as duration of schedule activities
In project management, probability distributions are used to understand and quantify uncertainty in various aspects of a project. While risks are an important aspect of project management, probability distributions are not typically used to address bias towards risk in new resources (option A), risk identification (option D), or risk probability and impact matrixes (option B).
Option C, uncertainty in values such as duration of schedule activities, is the most likely portion of a project to use probability distributions. This is because the duration of a schedule activity is often uncertain, and using probability distributions can help project managers understand the range of possible durations and the likelihood of each duration occurring. For example, a project manager might use a normal distribution to model the duration of a schedule activity, with the mean representing the most likely duration and the standard deviation representing the range of possible durations. This information can then be used to create a schedule that accounts for the uncertainty in the duration of each activity.
Overall, probability distributions are a powerful tool for project managers to understand and quantify uncertainty in various aspects of a project, and are particularly useful for addressing uncertainty in values such as the duration of schedule activities.