Suppose that the construction of a solar power station is initiated. The projects completion time has not

Question:

Suppose that the construction of a solar power station is initiated. The project’s completion time has not been set due to uncertainties in financial resources. The proportion of completion within one year has a beta distribution with parameters α =1 and β = 5. Determine the following:

(a) Mean and variance of the proportion completed within one year

(b) Probability that more than half of the project is completed within one year

Distribution
The 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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