2-41 The time to complete a construction project is normallydistributed with a mean of 60 weeks and a standard deviation of 4weeks.a. What is the probability the project will be finished in 62weeks or less?b. What is the probability the project will be finished in 66weeks or less?c. What is the probability the project will take longer than 65weeks?

a. What is the probability the project will be finished weeks or less? b. What is the probability the project will be finished in 66 weeks or less? c. What is the probability the project will take longer than 65 weeks?

a. What is the probability the project will be finished weeks or less? b. What is the probability the project will be finished in 66 weeks or less? c. What is the probability the project will take longer than 65 weeks?

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 21P

See similar textbooks

Similar questions

Management Firm is a consulting company that specializes in the development of decision support systems. Time (Weeks) Activity Description ImmediatePredecessor Optimistic Most Probable Pessimistic A Report generation 2 8 12 B Web scraping 4 9 11 C Testing A, B 1 1 1 (A) Based solely on the critical path, estimate the probability that the project will be complete within 11 weeks. (Round your answer to four decimal places.) (b) Using all paths through the project network, estimate the probability that the project will be complete within 11 weeks. (Round your answer to four decimal places.)
A company is considering either (1) purchasing equipment for use on a new project (purchase cost = $5,000; purchase variable cost = $50 per day) or (2) leasing this equipment from a vendor at a rate of $100 per day. An initial analysis determined that the “purchase” option break-even point is 100 days. Based on this analysis, the company should Lease the equipment if the expected project is expected to last more than 100 days Purchase the equipment if the expected project is expected to last less than 100 days Purchase the equipment if the expected project is expected to last more than 100 days No answer text provided.
An engineer failed to finish its building construction contract on time. With this, a penalty of P10,000 will be paid for each day that passes beyond the date of contract. According to the engineers estimate, if the construction will continue with the same number of workers, the project will be finished 30 days after the contract date. But the engineer also has an option of hiring more workers to hasten the construction process. Every additional worker, the engineer has to pay P3,000 per day and every 3 additional workers the construction period will be lowered down by 1 day. But, the engineer can only hire 21 workers. If you are the engineer, what method are you going to follow so as to incur a lesser amount of extra construction cost? Just pay P10,000 per day for 30 days? Or just hire additional workers to lower down the construction time?
A building contractor has a contract that will expire in 40 days. He has 80 men on the job and can finish the job in 50days. The wage per day of 40 men is P500 each and the other 40 men is P300, each for 8 hours work per day. The fine for the delay in the work is P10,000 per day. a.How many more men should the contractor add in order to complete the work on time? b.Assuming that the additional men to be added will be paid P400 per day, will the contractor save money by employing enough men to complete the work on time or by not adding more men and paying the fine? How much is the savings, if any? Note: No overtime work is permitted
1.16 Given an auditing project with the following activities, please refer to the first pic find:(a) The probability of completing the critical path in  12 weeks (or less), as the client desires. (b) The probability of completing the critical path in  13 weeks (or less). c) The probability of completing the critical path in  16 weeks (or less), the client’s drop-dead date.(d) The number of weeks required to assure a 92.5 percent chance of completing the critical path, as guaranteed by the auditing firm.
Management Firm is a consulting company that specializes in the development of decision support systems. Time (Weeks) Activity Description ImmediatePredecessor Optimistic Most Probable Pessimistic A Report generation 2 8 12 B Web scraping 4 9 11 C Testing A, B 1 1 1 (b) Using all paths through the project network, estimate the probability that the project will be complete within 11 weeks. (Round your answer to four decimal places.)
A project has a critical path with a duration of 20 weeks and a standard deviation of 4 weeks. There is a 35% chance the project will be completed in X weeks or less. What is X? Select the closest answer. a. 18.4 b. 15.8 c. 21.6 d. 24.2 e. 19.7
One of Mary's employees, Shira, has obtained a new job and given her two weeks' notice. Shira was responsible for updating the company website with information on the new bag policy. Mary gave Shira's responsibilities to another employee in the Marketing department who has similar knowledge and skills.What is the probability of this risk occurring and what is the impact on the project? a.) Low probability and medium impact b.) High probability and high impact c.) Medium probability and low impact d.) High probability and low impact
The Budget at Completion (BAC) is the sum of all budgeted values established for the work to be performed on a project. As such it is equivalent to: Select one: a. the total planned value of the project. b. the total earned value of the project. c. the total actual cost of the project. d. the total value of the work completed to date
A building contractor has a contract which will expire in 30 days. He has 80 men on the job and can finish the job in 50 days. The wage per day of 40 men is P6.00 each and that of the other men is P4.00 each for 8 hours work per day. The fine or liquidated damages for delay in the work is P100.00 per day. How many more men should the contractor add in order to complete the work on time? Assuming that the additional men to be added will be paid P6.00 per day, will the contractor save money by employing enough men for him to complete the work on time or by not adding more men and paying the fine? How much is the savings, if any? No overtime work is permitted.
9. Dana is 30 years old and owns a wedding planning business. She takes care of all wedding events details from arranging flowers, tables, theme to catering food to a high standard. She has a good reputation in the market. Recently, she discovered another food catering company with wider varieties and lower prices that her customers will love to have. Thus, she decided to write a negative letter to the current catering company to inform them about terminating their business together. Dana has to plan her negative letter very carefully and to explain the needs of her customers: * A.to avoid responsibility for the message B.to improve future performance on the part of the sender C.to avoid adding a personal message to the recipient D.to gain control of the context of the message E.to minimize damage to the business relationship
A project has the following tasks and duration estimates given. These three tasks are done in succession on a project. Task Optimistic Estimate Most Likely Estimate Pessimistic Estimate Alpha 30 days 40 days 50 days Beta 20 days 25 days 28 days Charlie 4 days 10 days 12 days Delta 25 days 30 days 50 days What is the expected duration for the project? (3 points) What is the variance for the project? (3 points) What is the standard deviation of the project? (3 points) What is the range of the duration of the project given 3 sigma? (3 points)