Consider project with mean time of completion

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Consider a project with a mean time of completion of 14.67 days; the variance of the time of completion is 2.83 days. If we need a 99% chance of completion, how many days should we allow? Response Feedback: We need to find y such that P(T < y) = 0.99, where T is a Normal random variable with a mean of 14.67 and a standard deviation of 1.68 So we need to find y such that P( Z < (y-14.67)/1.68 ) = 0.99 However from the tables we know that P(Z < 2.35) is close to 0.99 So (y-14.67)/1.68 must be 2.35, so y must be...

Reference no: EM131275760

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Consider project with mean time of completion : Consider a project with a mean time of completion of 14.67 days; the variance of the time of completion is 2.83 days. If we need a 99% chance of completion, how many days should we allow? Response Feedback: We need to find y such that P(T

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