Uncertainty of Project Completion Time

When discussing project completion dates with senior management, the PM should try to determine the probability that a project will be completed by the suggested deadline—or find the completion time associated with a predetermined level ol risk. With the information in Table 8-2, this is not difficult. " If we assume that the activities are statistically independent of each other, the.11

! the variance of a set of activities is equal to the sum of the variances of the indiviQ'

ual activities comprising the set. Those who have taken a course in statistics will call that the variance of a population is a measure of the population's dispersion

Table 8-3 Times and Slacks for Network In Figure 8-15 _

Event

Project Management Made Easy

Project Management Made Easy

What you need to know about… Project Management Made Easy! Project management consists of more than just a large building project and can encompass small projects as well. No matter what the size of your project, you need to have some sort of project management. How you manage your project has everything to do with its outcome.

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