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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 0.2 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.

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 0.2 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.

A First Course in Probability (10th Edition)
A First Course in Probability (10th Edition)
10th Edition
ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
Section: Chapter Questions
Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...
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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.
Transcribed Image Text: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.
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