Question: A contractor is planning a construction project to be completed in three stages. The contractor has estimated that the chance that the first stage will

A contractor is planning a construction project to be completed in three stages. The contractor has estimated that the chance that the first stage will be completed on time is 70%. She has also estimated that if the first stage is completed on time, the chance that the second stage will be completed on time is 80%. Finally, she has estimated that given both the first and second stages are completed on time, the chance of the third stage will be completed on time is 90%. What is the probability the project will be completed on time? Draw a probability tree to describe this problem. What can you extrapolate from this problem regarding large projects?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

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

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Business Analytics Data Questions!

subject project management please assist me with the question please. thank you Question 4 (26) Case Study: Sydney Opera House construction: A case of project management failure The Sydney Opera...

Jim was excited as he drove into the car park at Floating Investments Limited. The senior management meeting was scheduled for 9 AM and his proposal was the major item on the agenda. Jims official...

This case examines capital budgeting issues related to the construction and operation of a marina. The case requires students to identify the relevant cash ?ows and discount these to establish a net...

Floating Investments This case examines capital budgeting issues related to the construction and operation of a marina. The case requires students to identify the relevant cash ows and discount these...

Jim was excited as he drove into the car park at Floating Investments Limited. The senior management meeting was scheduled for 9 AM and his proposal was the major item on the agenda. Jims ocial title...

Case Background Jim was excited as he drove into the car park at Floating Investments Limited. The senior management meeting was scheduled for 9 AM and his proposal was the major item on the agenda....

Your project team has been working on the budget for the Cascada PREP project. You've asked the team to create a roll-up of the budget that provides a high-level view of the project costs. Based on...

All projects have risk. Selecting a methodology that meets the needs of the project will also have risks. Project managers must be able to assess all risks prior to the project kickoff and throughout...

Scenario 2 : Louistown City Council Louistown is a historical town which is home to over 4 0 , 0 0 0 residents and attracts over 2 0 , 0 0 0 visitors per year. The city council has been criticized...

Sandhill Pants Company acquires a delivery truck on April 6, 2017, at a cost of $42,320. The truck is expected to have a residual value of $4,670 at the end of its 4-year useful life. Assume that the...

Write a literature review on "Performance Management"

Companies generally have four options in location planning. Which of the following is not one of them? Resovating the evisting facility Do noching Expand an eristing fasility Add ace locations utille...

a. Financial statements should aid the user of the statements in making decisions. In your opinion, would the user of the statements be aided if there were a distinction between financial reporting...