Optimum consulting is concerned about the maximum project time in one of their project management models.Using simulation,they found an estimate of the maximum project time to be about 364 days.To better understand the variability,Optimum consulting has used ________ that estimated the accuracy of the forecast statistics shown in the statistics view of the simulation results.
A)Scenario Analysis tool
B)Decision Table tool
C)2D Simulation tool
D)Bootstrap tool

Question

Quizplus · Accepted Answer

The Bootstrap tool is used for estimating the accuracy of forecast statistics by resampling the original data multiple times. It helps in determining the accuracy of the maximum project time estimate and provides insights into the variability of the results. The other tools mentioned (scenario analysis, decision table, and 2D simulation) are not specifically designed for this purpose.

Optimum Consulting Is Concerned About the Maximum Project Time in One