Probability Distribution Statistics

Most often we do not know every value and its probability. Thus we cannot apply the equations we have discussed to calculate statistics directly. However, if we know the probability distribution of values, or can estimate what the probability function might be, then we can apply the statistics that have been derived for those distributions. And, appropriately so for project management, we can do quite nicely using arithmetic approximations for the statistics rather than constantly referring to a table of values. Of course, electronic spreadsheets have much better approximations, if not exact values, so spreadsheets are a useful and quick tool for statistical analysis.