50% chance you will exceed

You just completed a cost estimate on the project, and you are assuming there is 50% chance you will exceed the estimate. You are:-

a) Below the mean

b) Above the mean

c) Above the median

d) Below the median.

How to go about this one?

Assume your Cost estimate of the Project is $1,000,000 -/+ 10%.

That means the Range of the Project is $900,000 to 1,100,000.

Here mean is 100% i.e. $1,000,000.  Below mean is $900,000 and above mean is 1,100,000.

Samething apply to your Question. 50% exceed means above mean.

 

Answer is b.

Obviously, you are above median. This gut feeling is telling that you need to revise whatever cost estimate that you have. - Paul Savramis