Assume that you are the manager for a project with three main tasks. You have a limited budget of $24,000 that will be spent on project procurement and operations. There are also other teams working on the similar projects and the team that finishes the project early will receive $5,000 as a reward. Your goal is optimizing your decisions while minimizing the potential risks of the project. You are also planning to maximize your outcome by winning the reward and minimizing your costs. Task A This task will be implemented only by your staff and you need to assign a budget of $100 per day for this task from the beginning. Time to accomplish the task by two regular staff follows normal distribution with mean 30 days and variance 5 days. You need to have a reasonable estimate about task duration and assign a right budget for that. If your estimate was not correct and you are not done with the task before ending the budget, you will be charged $300 per day until end of the task. If you finish the task early, there is no way to refund your initial assigned budget. For this task, you need to choose two team staff. The expert people are able to finish the tasks 2 days earlier than those who have less experience. Two subcontractors are in charge of supporting staff for your projects and you have an option to choose one of them. Each subcontractor has different levels of expert people and once you choose your subcontractor, they will send two staffs randomly. Subcontract 1: 5 experts, 5 regular $300 per person Subcontract 2: 6 experts, 3 regular $400 per person You can pay $1000 to check their records and identify whether they are expert or not before assigning the budget for task A. If you choose to try this option, you need to define your budgeting plan for all possible scenarios of staffing. . Task B The second task duration follows exponential distribution with mean 15. You only need to buy an equipment to accomplish this task. You have two options with different pricing and reliability. It may fail during the task and in that case, you have to pay $4000 to a subcontractor to accomplish the task for you. Equipment A: Weibull (beta:0.5 delta:7) $200 per day Equipment B: Weibull (beta:0.4 delta:5) $150 per day Task C This task is implemented using an equipment for 30 days. One of the sub-systems of this equipment may fail during the day with probability of 1/5. To keep the whole system operative, the failed part needs to be replaced immediately. Before starting the task, you may decide how many extra parts you will need in these 10 days. The pricing changes depends on number of the purchased parts: Order quantity 1 2 or 3 more than 3 Price per part $700 $600 $500 You also have an option to buy the parts once it fails in higher price ($1200 per part). Please use your probability knowledge to plan for this project. You are not expected to choose the best options, but you need to plan properly to win this project. This assignment will be graded based on its completion (not its accuracy). Assume that you are the manager for a project with three main tasks. You have a limited budget of $24,000 that will be spent on project procurement and operations. There are also other teams working on the similar projects and the team that finishes the project early will receive $5,000 as a reward. Your goal is optimizing your decisions while minimizing the potential risks of the project. You are also planning to maximize your outcome by winning the reward and minimizing your costs. Task A This task will be implemented only by your staff and you need to assign a budget of $100 per day for this task from the beginning. Time to accomplish the task by two regular staff follows normal distribution with mean 30 days and variance 5 days. You need to have a reasonable estimate about task duration and assign a right budget for that. If your estimate was not correct and you are not done with the task before ending the budget, you will be charged $300 per day until end of the task. If you finish the task early, there is no way to refund your initial assigned budget. For this task, you need to choose two team staff. The expert people are able to finish the tasks 2 days earlier than those who have less experience. Two subcontractors are in charge of supporting staff for your projects and you have an option to choose one of them. Each subcontractor has different levels of expert people and once you choose your subcontractor, they will send two staffs randomly. Subcontract 1: 5 experts, 5 regular $300 per person Subcontract 2: 6 experts, 3 regular $400 per person You can pay $1000 to check their records and identify whether they are expert or not before assigning the budget for task A. If you choose to try this option, you need to define your budgeting plan for all possible scenarios of staffing. . Task B The second task duration follows exponential distribution with mean 15. You only need to buy an equipment to accomplish this task. You have two options with different pricing and reliability. It may fail during the task and in that case, you have to pay $4000 to a subcontractor to accomplish the task for you. Equipment A: Weibull (beta:0.5 delta:7) $200 per day Equipment B: Weibull (beta:0.4 delta:5) $150 per day Task C This task is implemented using an equipment for 30 days. One of the sub-systems of this equipment may fail during the day with probability of 1/5. To keep the whole system operative, the failed part needs to be replaced immediately. Before starting the task, you may decide how many extra parts you will need in these 10 days. The pricing changes depends on number of the purchased parts: Order quantity 1 2 or 3 more than 3 Price per part $700 $600 $500 You also have an option to buy the parts once it fails in higher price ($1200 per part). Please use your probability knowledge to plan for this project. You are not expected to choose the best options, but you need to plan properly to win this project. This assignment will be graded based on its completion (not its accuracy)