Question: Harada Construction has just bid on a major commercial project. The bid was based on a normal distribution representing Haradas estimates of possible costs for

Harada Construction has just bid on a major commercial project. The bid was based on a normal distribution representing Harada’s estimates of possible costs for the project. The distribution is centered on $6.5 million and has a standard deviation of $1.1 million.

a. How likely is it that project costs will be between $5 million and $6 million?

b. How likely is it that projects costs will be no more than $7.2 million?

c. The company’s bid was $8.1 million. According to Harada’s estimates, how likely is it that project costs will exceed the bid amount?

Step by Step Solution

★★★★★

3.25 Rating (157 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

65 million 11 million a z 136 z 136 gives an area o... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

486-M-S-C-P-D (307).docx

120 KBs Word File

Students Have Also Explored These Related Statistics Questions!

How likely is it that the Sampsons will achieve their financial goals now that they have captured them in a financial plan? What activity must they periodically undertake?

A firm is supplied with plastic chips for their plastic injection molding manufacturing process. Their supplier offers financing terms of a 2% discount if the accounts payable are paid in 10 days or...

1. How likely is it that domestic customers will be able to switch consumption of electricity to off-peak periods? How likely is that businesses will be able to do so? 2. If, over time, consumers are...

In Exercise 16, we saw the following situation: Harada Construction has just bid on a major commercial project. The bid was based on a normal distribution representing Haradas estimates of possible...

Hardhat Construction Co . just bid on a commercial project. The bid was based on a normal distribution representing Hardhat s estimates of possible costs for the project. The mean is $ 6 . 5 million,...

Hardhat Construction Co . just bid on a commercial project. The bid was based on a normal distribution representing Hardhat's estimates of possible costs for the project. The mean is $ 6 . 5 million,...

Project Management Casebook David I. Cleland, Karen M. Bursic, Richard Puerzer, and A. Yaroslav Vlasak Library of Congress Cataloging-in-PublicationData Project management casebook /edited by David...

OPERATIONS MANAGEMENT ASSIGNMENT 6 1 Human resources, project management and operations management are all equally vital to a business's success. Each of these focuses on different areas of the...

pLEASE po pa help! Reflection po about dto sa mga Framework for Project Management 4. Framework for Project Management Many different professions contribute to the theory and practice of project...

Access the February 20, 2015, filing of the December 31, 2014, 10-K report of The Hershey Company (ticker HSY) atwww.SEC.govand complete the following requirements. Required Compute or identify the...

Casper Blueprinting, Inc., has filed under Chapter 7 of the Bankruptcy Code. The estimated net realizable value of its assets is as follows: Cash and cash equivalents . .. .. . . . . . .. .... .....

In a recent year, published statistics by the National Cattlemens Beef Association claimed that the average retail beef price for USDA All Fresh beef was $2.51. Suppose a survey of retailers is...

answer this CeOTIion 18 (2 points) What is Parkinson's law? C) Work contracts to fill the time available C) Working only when inspired enhances creativity C) Ignoring deadlines enhances creativity C)...

198. Fiduciary Duty of Offi cers Designer Surfaces, Inc., supplied countertops to homeowners who shopped at stores such as Lowes and Costco. The homeowners paid the store, which then contracted with...

In this exercise, you are to perform a computer simulation to illustrate the sampling distribution of the difference between two sample means for independent samples, Key Fact 10.1 on page 394. a....

Regarding the four conditions required for using the pooled t-procedures: a. What are they? b. How important is each condition?

x1 = 468.3, s1 = 38.2, n1 = 6, x2 = 394.6, s2 = 84.7, n2 = 14 We have provided summary statistics for independent simple random samples from two populations. Preliminary data analyses indicate that...

Need help on this: 3. Let X1, X2, ..., An be a random sample from a population with probability density function: 505 if x > 0 f(x|0) = 0, otherwise (a) Find the method of moments estimator OMME of...

Please show all steps American Products is concerned about managing cash effiently. On average, inventories have an age of 90 days, and accounts receivable are collected in 60 days. Account payables...

The 2017 balance sheet of Kerber's Tennis Shop, Incorporated, showed long-term debt of $2.15 million, and the 2018 balance sheet showed long-term debt of $3.7 million. The 2018 income statement...