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Specifying optimistic, pessimistic, and most likely or mode times are sufficient to generate the beta distribution describing completion times. The applet opens with values Optimistic = 2 weeks, Pessimistic = 11 weeks, and Mode = 4 weeks. Drag the mode line inside the distribution to see how the shape changes as expectations about the most likely outcome change. Drag between 0 and the current Optimistic value to change the Optimistic value. Drag, in either direction, beyond the upper end to change the pessimistic value.

Specifying optimistic, pessimistic, and most likely or mode times are sufficient to generate the beta distribution describing completion times. The applet opens with values Optimistic = 2 weeks, Pessimistic = 11 weeks, and Mode = 4 weeks. Drag the mode line inside the distribution to see how the shape changes as expectations about the most likely outcome change. Drag between 0 and the current Optimistic value to change the Optimistic value. Drag, in either direction, beyond the upper end to change the pessimistic value.

Practical Management Science
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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Specifying optimistic, pessimistic, and most likely or mode times are sufficient to generate the beta distribution describing completion times. The applet opens with values Optimistic = 2 weeks, Pessimistic = 11 weeks, and Mode = 4 weeks. Drag the mode line inside the distribution to see how the shape changes as expectations about the most likely outcome change. Drag between 0 and the current Optimistic value to change the Optimistic value. Drag, in either direction, beyond the upper end to change the pessimistic value.

Specifying optimistic, pessimistic, and most likely or mode times are sufficient to generate the beta distribution describing completion times. The applet opens with values Optimistic = 2 weeks, Pessimistic = 11 weeks, and Mode = 4 weeks. Drag the mode line inside the distribution to see how the shape changes as expectations about the most likely outcome change. Drag between 0 and the current Optimistic value to change the Optimistic value. Drag, in either direction, beyond the upper end to change the pessimistic value. NOTE: To prevent extreme beta distributions that are difficult to graph, there are limits on how much the parameters can be changed. In general, dragging is limited so that the boundaries are least 10% of the range between the pessimistic and optimistic values. The maximum pessimistic value is also limited to approximately three times the initial pessimistic value. If the graph becomes poorly displayed, reload the item. Relative Likelihood -N Mode = 4.00 Mean = 5.00 Time (weeks) co 10
Transcribed Image Text:Specifying optimistic, pessimistic, and most likely or mode times are sufficient to generate the beta distribution describing completion times. The applet opens with values Optimistic = 2 weeks, Pessimistic = 11 weeks, and Mode = 4 weeks. Drag the mode line inside the distribution to see how the shape changes as expectations about the most likely outcome change. Drag between 0 and the current Optimistic value to change the Optimistic value. Drag, in either direction, beyond the upper end to change the pessimistic value. NOTE: To prevent extreme beta distributions that are difficult to graph, there are limits on how much the parameters can be changed. In general, dragging is limited so that the boundaries are least 10% of the range between the pessimistic and optimistic values. The maximum pessimistic value is also limited to approximately three times the initial pessimistic value. If the graph becomes poorly displayed, reload the item. Relative Likelihood -N Mode = 4.00 Mean = 5.00 Time (weeks) co 10
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1.  What is the mode when the distribution is symmetric?

  1. 2 weeks
  2. 4 weeks
  3. 7 weeks
  4. 9 weeks

    2.  When the mode is less than the mean, which of the following is true?

    1. The distribution is negatively skewed.
    2. The distribution is symmetric.
    3. The distribution is bi-modal.
    4. The distribution is positively skewed.

      3.  When the mode is greater than the mean, which of the following is true?

      1. The distribution is negatively skewed.
      2. The distribution is symmetric.
      3. The distribution is bi-modal.
      4. The distribution is positively skewed.
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