A project consists of three phases to be completed one after the other. The duration of each
Question:
A project consists of three phases to be completed one after the other. The duration of each phase, in days, is normally distributed as follows: Duration of Phase I ~ N(84, 32); Duration of Phase II ~ N(102, 42); Duration of Phase III ~ N(62, 22). The durations are independent.
a. Find the distribution of the project duration. Report the mean and the standard deviation.
b. If the project duration exceeds 250 days, a penalty will be assessed. What is the probability that the project will be completed within 250 days?
c. If the project is completed within 240 days, a bonus will be earned. What is the probability that the project will be completed within 240 days?
DistributionThe word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...
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Complete Business Statistics
ISBN: 9780077239695
7th Edition
Authors: Amir Aczel, Jayavel Sounderpandian