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Question:

Your project evaluations have come in as follows: Most Likely is 100 days, Pessimistic is 250 days, Optimistic is 75 days. What is the expected value of this calculation?

A 120.83 days
Explaination

Expected value is calculated as follows: (Optimistic + Pessimistic + (4 × Most Likely)) ÷ 6. The formula is as follows: ($75 + $250 + (4 × $100)) ÷ 6 = $120.83.