Reference no: EM131644414

Question: Continuing the preceding problem, suppose that another key uncertain input is the development time, which is measured in an integer number of months. For each of the following scenarios, choose an appropriate distribution together with its parameters, justify your choice in words, and use @RISK to draw your chosen distribution.

a. Company experts believe the development time will be from 6 to 10 months, but they have absolutely no idea which of these will result.

b. Company experts believe the development time will be from 6 to 10 months. They believe the probabilities of these five possible values will increase linearly to a most likely value at 8 months and will then decrease linearly.

c. Company experts believe the development time will be from 6 to 10 months. They believe that 8 months is twice as likely as either 7 months or 9 months and that either of these latter possibilities is three times as likely as either 6 months or 10 months.