Question
Download Solution PDFThe time estimates obtained from four contractors P, Q, R and S for executing a particular job are as under:
Contractor
Optimistic time (t0)
Most likely time (t1)
Pessimistic time (tp)
P
5
10
13
Q
6
9
12
R
5
10
14
S
4
10
13
Which one of the contractors is more certain about completing the work in time:
Contractor | Optimistic time (t0) | Most likely time (t1) | Pessimistic time (tp) |
---|---|---|---|
P | 5 | 10 | 13 |
Q | 6 | 9 | 12 |
R | 5 | 10 | 14 |
S | 4 | 10 | 13 |
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFConcept:
To determine which contractor is more certain, we calculate the standard deviation (σ) for each contractor using the PERT formula:
\(\sigma=\frac{t_p-t_0}{6}\)
where σ is standard deviation, tp is pessimestic time, and t0 is optimistic time.
The smaller the standard deviation, the more certain the estimate is.
Calculation:
Contractor P: \(\sigma_P=\frac{13-5}{6}=1.33\)
Contractor Q: \(\sigma_R=\frac{12-6}{6}=1.00\)
Contractor R: \(\sigma_R=\frac{14-5}{6}=1.50\)
Contractor S: \(\sigma_S=\frac{13-4}{6}=1.50\)
Contractor Q is most certain about completing the job on time.
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