Assume the expected completion time for a project is 30 days, and the standard d

Question

Assume the expected completion time for a project is 30 days, and the standard deviation for completion time is 2.5 days. Using the normal probability distribution: Determine the maximum estimated completion time, using 95% confidence. Determine a time estimate for a range of completion times, from earliest probable finish to latest probably finish, using 95% confidence. If the project were to be completed many times, determine what percentage of the project iterations would you expect to be completed in less time than the upper limit for problem two?

Explanation / Answer

expected completion time, mean = 30 and std. dev. = 2.5

(1) For 95% confidence level, z-score is 1.64

Here we need to find the completion time for which we are 95% confident that the project will be completed within it.

using Central Limit theorem,

x = z*sigma + mean

x = 1.64*2.5 + 30 = 34.1

Hence maximum estimated completion time is 34.1 days for 95% confidence.

2) Here, there is need to find the range of completion time for 95% CI. z-value = 1.96

Lower limit = 30 - 1.96*2.5 = 25.1

Upper limit = 30 + 1.96*2.5 = 34.9

3) Its 97.5% of the project itereations would be expected to be completed in less time that 34.9 days

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