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) days1011121314Probability0.10.30.30.20.1 RequiredFind the mean and variance for the completion time X. Find the mean, variance and standard deviation for total cost.

Given: If the project takes X days to complete, the total labor cost will be 9,000X shillings The…

Answered: A contractor is interested in the total…

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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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.