If a project has an expected completion time of 15 weeks with a variance of 4 weeks,there is a 95% likelihood that the project will be completed by what time?
A)by 17.5 weeks
B)by 16.5 weeks
C)by 15.5 weeks
D)by 14.5 weeks

Question

Quizplus · Accepted Answer

To find the time by which there is a 95% likelihood of project completion, we use the formula for the upper limit of a confidence interval: expected time + Z * sqrt(variance), where Z is the Z-score corresponding to the desired confidence level. For a 95% confidence level, Z is approximately 1.96. Thus, the calculation is 15 + 1.96 * sqrt(4) = 15 + 1.96 * 2 = 15 + 3.92 = 18.92 weeks. However, since this exact value is not an option and the question seems to have a mistake in calculation or options provided, the closest available option, which aligns with the concept of adding a margin to the expected time due to variance for a high confidence level, is "by 17.5 weeks". This answer is chosen based on the understanding of the statistical concept, despite the mismatch in calculation, as it reflects the principle of adjusting for variance in project completion time predictions.

If a Project Has an Expected Completion Time of 15