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Discussion Questions Set 3: Explain the differences between decision-making under certainty, decision-making under risk, and decision-making under uncertainty. Describe the Critical Path method. Identify potential
Discussion Questions Set 3:
- Explain the differences between decision-making under certainty, decision-making under risk, and decision-making under uncertainty.
- Describe the Critical Path method. Identify potential issues associated with that method.
- Consider the three scenarios given with their activity-on-arrow diagrams below. Assume all activities are normally distributed with the mean of 10 days and standard deviation of 3 days. Would you expect all three scenarios to have the same duration? Why/why not?
- Explain the benefits and limitations of Monte Carlo Simulation. Describe how Monte Carlo Simulation can be used in a project environment. Please give specific examples of the tool used in decision making and risk modeling.
- Identify and explain five quality control tools that are commonly used to monitor a project's performance.
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