## Project Time Estimation for Gift Shop RenovationThe gift shop at Orlando Amway Center is undergoing renovations, which involve six distinct activities. Each activity's estimated time (in hours) is categorized into three values: optimistic (a), most likely (m), and pessimistic (b).### Activity Time Estimates| Activity | a | m | b ||----------|----|----|----|| A | 12 | 16 | 20 || B | 27 | 32 | 41 || C | 18 | 18 | 18 || D | 7 | 14 | 20 || E | 16 | 17 | 21 || F | 16 | 18 | 21 |### Expected Time CalculationFor each activity, the expected time can be calculated using the formula:\[ \text{Expected Time} = \frac{a + 4m + b}{6} \]This formula provides a weighted average, where the most likely time is given more weight.### Example Calculation for Activity ABased on the given time estimates:\[\text{Expected Time for A} = \frac{12 + 4(16) + 20}{6}\]### Filling the Expected TimeFor activity A, calculate the expected time using the given formula and round your response to two decimal places.*Note: This method helps in better project planning and risk assessment by considering variability in time estimates.*

A renovation of the gift shop at Orlando Amway Center has six activities (in hours). In the following table, the estimates of a, m, and b times for each of the activities are listed: Activity A B C D E F a 12 27 18 7 Activity A 16 16 m 16 32 18 14 17 18 Based on the activity time estimates, the expected times for each of the activities are (round your responses to two decimal places): b 20 41 18 20 21 21 Expected Time

A renovation of the gift shop at Orlando Amway Center has six activities (in hours). In the following table, the estimates of a, m, and b times for each of the activities are listed: Activity A B C D E F a 12 27 18 7 Activity A 16 16 m 16 32 18 14 17 18 Based on the activity time estimates, the expected times for each of the activities are (round your responses to two decimal places): b 20 41 18 20 21 21 Expected Time

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

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Question

## Project Time Estimation for Gift Shop Renovation

The gift shop at Orlando Amway Center is undergoing renovations, which involve six distinct activities. Each activity's estimated time (in hours) is categorized into three values: optimistic (a), most likely (m), and pessimistic (b).

### Activity Time Estimates

| Activity | a | m | b |
|----------|----|----|----|
| A | 12 | 16 | 20 |
| B | 27 | 32 | 41 |
| C | 18 | 18 | 18 |
| D | 7 | 14 | 20 |
| E | 16 | 17 | 21 |
| F | 16 | 18 | 21 |

### Expected Time Calculation

For each activity, the expected time can be calculated using the formula:

\[ \text{Expected Time} = \frac{a + 4m + b}{6} \]

This formula provides a weighted average, where the most likely time is given more weight.

### Example Calculation for Activity A

Based on the given time estimates:

\[
\text{Expected Time for A} = \frac{12 + 4(16) + 20}{6}
\]

### Filling the Expected Time

For activity A, calculate the expected time using the given formula and round your response to two decimal places.

*Note: This method helps in better project planning and risk assessment by considering variability in time estimates.*

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Follow-up Question

A renovation of the gift shop at Orlando Amway Center has six activities (in hours). In the following table, the estimates of a, m, and b times for each of the activities are listed:
Activity
A
B
C
D
E
F
Activity
A
B
C
D
E
F
a
12
27
18
7
16
16
Activity
A
m
16
32
18
14
17
18
Based on the activity time estimates, the expected times for each of the activities are (round your responses to two decimal places):
Expected Time
16
32.67
18
13.83
17.5
18.17
b
20
41
18
20
21
21
Based on the activity time estimates, standard deviation for each of the activities is (enter your responses rounded to two decimal places):
Standard Deviation

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