[5] A contractor estimates the probabilities for the number of days required to com- plete a certain type of construction project as follows: Time (days) 1 2 3 4 5 Probability 0.05 0.2 0.35 0.3 0.1 a) What is the probability that a randomly chosen project takes less than 3 days to complete? b) Find the expected time to complete the project. c) Find the standard deviation of the time required to complete the project. d) Suppose the contractor's project cost is made of two parts: a fixed cost of $20,000 and $2,000 for each day taken to complete the project. Find the mean and standard deviation of the total project cost. e) If three projects are undertaken, what is the probability that at least two of them will take at least 4 days to complete? Assume that project completion times are independent.

[5] A contractor estimates the probabilities for the number of days required to com- plete a certain type of construction project as follows: Time (days) 1 2 3 4 5 Probability 0.05 0.2 0.35 0.3 0.1 a) What is the probability that a randomly chosen project takes less than 3 days to complete? b) Find the expected time to complete the project. c) Find the standard deviation of the time required to complete the project. d) Suppose the contractor's project cost is made of two parts: a fixed cost of $20,000 and $2,000 for each day taken to complete the project. Find the mean and standard deviation of the total project cost. e) If three projects are undertaken, what is the probability that at least two of them will take at least 4 days to complete? Assume that project completion times are independent.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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