Page Engineering designs and constructs air conditioning and heating systems for hospitals and clinics. Currently the company€™s staff is overloaded with design work. There is a major design project due in 8 weeks. The penalty for completing the design late is $14,000 per week, since any delay will cause the facility to open later than anticipated, and cost the client significant revenue. If the company uses it€™s inside engineers to complete the design, it will have to pay them overtime for all work. Page has estimated that it will cost $12,000 per week (wages and overhead), including late weeks, to have company engineers complete the design. Page is also considering having an outside engineering firm do the design. A bid of $92,000 has been received for the completed design. Yet another option for completing the design is to conduct a joint design by having a third engineering company complete all electromechanical components of the design at a cost of $56,000. Page would then complete the rest of the design and control systems at an estimated cost of $30,000.
Page has estimated the following probabilities of completing the project within various time frames when using each of the three options. Those estimates are shown in the following table:

What is the best decision based on an expected monetary valuecriterion?

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Probability of Completing the Design On Week Weelks Weeks Late ее Option Time Late Late Internal Engincers.4 External Engineers .2 Joint Design .3 .3 .2