A contractor is interested in the total cost of a project on which he intends to bid. He estimates that materials will cost Kshs. 250,000/= and that his labor will be Kshs. 9,000/= per day. If the project takes X days to complete, the total labor cost will be 9,000X shillings and the total cost of the project in shillings will be: C = 250,000 + 9000X. The contractor forms subjective probabilities of likely completion times for the project as shown below.
A contractor is interested in the total cost of a project on which he intends to bid. He estimates that materials will cost Kshs. 250,000/= and that his labor will be Kshs. 9,000/= per day. If the project takes X days to complete, the total labor cost will be 9,000X shillings and the total cost of the project in shillings will be: C = 250,000 + 9000X. The contractor forms subjective probabilities of likely completion times for the project as shown below.
Chapter8: Sequences, Series,and Probability
Section: Chapter Questions
Problem 41CT: On a game show, a contestant is given the digits 3, 4, and 5 to arrange in the proper order to form...
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- A contractor is interested in the total cost of a project on which he intends to bid. He estimates that materials will cost Kshs. 250,000/= and that his labor will be Kshs. 9,000/= per day. If the project takes X days to complete, the total labor cost will be 9,000X shillings and the total cost of the project in shillings will be: C = 250,000 + 9000X. The contractor forms subjective probabilities of likely completion times for the project as shown below.
Completion Time (X) days |
10 |
11 |
12 |
13 |
14 |
Probability |
0.1 |
0.3 |
0.3 |
0.2 |
0.1 |
Required
- Find the
mean and variance for the completion time X. - Find the mean, variance and standard deviation for total cost.
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