The duration of a construction project lasts between 121 and 160 days. There is an equal chance for the duration to be equal for any number of days between 121 and 160 days. Currently the project is scheduled to be finished in 130 days or fewer. compute the probability that the project will be finished on time.

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Q: In the real world, a limited number of days can be taken out of the schedule before it becomes…

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Q: The network of a small construction project awarded to a contractor is shown in the following…

A:

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Budget Estimating

The term budget signifies a plan over the long run, generally, a year that covers the financial expenses and revenues of any organization. This budget plan is known to estimate the growth and success of any organization. Civil engineering companies utilize project budgets for estimating project costs, construction costs, and other direct and indirect costs related to the project being undertaken. Project budget is a detailed statistical tool primarily used by project managers to estimate the overall project cost. The project budget is in the form of a document that includes all the costs which are incurred during the project undertaking and after the completion of the project. Large commercial projects have the project budget estimate in the form of large detailed pieces of documents which include every cost estimate regarding man and materials. Labor costs, material procurement costs, construction costs, and operational costs are some of the costs that are incurred during the project execution and planning phase.