From the research it is clear that probabilistic risk analysis (PRA) or quantitative risk analysis (QRA) or probabilistic safety analysis (PSA) is one of the most used methods of analysing risk in project development and operation. The use of this technique supports and validates the improvement of control and mitigation measures against threats.
The technique revolves around five (5) simple steps. These steps are: i. Setting up a probability distribution for each of the three variable – material cost, labor cost and utilities cost ii. Preparing a cumulative probability distribution for each of the three variables iii.
The project is also finite and temporary because it has a beginning and end specified by date, thus distinguishing it from regular operations which is ongoing and without a deadline. Finally, the project is aimed at the attainment of a specific deliverable which is turned over to the customer at project’s end.
Starbucks. Statistics provide a tool for the identification and evaluation of the defects in a particular production process or operation. In order to measure and maintain the quality of a product or service it is important to devise a method of control. In terms of statistics, it is called Statistical Quality Control (SQC) which consists of a set of tools and procedures that allow the evaluation of quality.
According to (Hugg, 2005), "slack time, also called float time, is the amount of time a task can be delayed before the project finish date is delayed. Total slack can be positive or negative. If total slack is a positive it indicates the amount of time that the task can be delayed without delaying the project finish date.
The balance sheet showed that the assets of the company increased with the despite of increasing sales. Cash decreased because the company sold more of their products on credit rather than on cash, which can be observed by the growing number of Account receivables which manifested a figure of $0.632 million FY 2007, which were $0.35 million a year before.
The third world countries have low technological advancement and hence the need to bridge the technological gap between the developing nations and the industrialized nations. Kenya is one of the developing nations in the world that has a great potential