Practical Operations Management
Practical Operations Management
2nd Edition
ISBN: 9781939297136
Author: Simpson
Publisher: HERCHER PUBLISHING,INCORPORATED
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Chapter 7, Problem 26P
Summary Introduction

Interpretation:

The probability that the mentioned office building will be sold in the next 15 weeks

Concept Introduction:

Probability can be stated as to how likely something will happen. When there is no surety about the outcome of the event, then the probability of such an event is predicted.

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Assume we are planning to develop a room reservation system that is estimated to have 400 story points of features. Let’s say our team’s velocity on two-week sprints ranges between 20 and 25 story points.  Our project will start on Dec 1, 2021. If our customer wants the project to be in production by end of June 22, how likely will the project be successful? Why? Show your calculations.
Mohammed is planning to renovate his house garden; he is wondering how long it may take him to achieve this project so he asked his friends who went through the same project. Ahmed told him it will take 7 days, Faisal told him it will take 10 days and Salem told him it will take 15 days.  How long it will take Mohammed to renovate his garden following the Beta distribution?
Activity E has an optimistic time of 9 days, a most likely time of 12 days, and a pessimistic time of 15 days. Estimate its expected time and standard deviation.
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