4. Explain the advantage of using probabilistic time estimates.
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Expert Answer
4. The probabilistic time estimates help in estimation of a project with the probable project completion schedule. This is done by calculating the expected time for each task by utilizing 3-time estimates and calculating variance for each task.
6. The project life cycle is comprising of five important phases, which are (a) to figure out the need i.e. conceptualizing the project (b) to understand the benefits and risks involved in the project by performing the feasibility study (c) to plan the project by considering project members, project schedules
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