4. Your project team will be developing a new mobile phone. You are required to calculate the needed contingency reserve that is needed for the project. Based on the project information in the table below, calculate the contingency reserve for each line item and then determine the overall contingency reserve cost to the project budget. Be sure to show your work for each calculation. Use this sign convention for your values: items that add to the amount of contingency reserve should be positive (+) and items that subtract from the contingency reserve should be negative (-). Be sure to include the sign for each line item below. Hint: the probability of a positive outcome is an opportunity and would subtract from the amount needed in the contingency reserve. Project information Contingency reserve calculations You have determined that there is a 34% probability that some of the required parts will be delayed resulting in a $11,000 cost to the project. You have determined that there is a 25% probability that the cost of the same parts will be $12,000 less than originally expected. Your simulation modeling has determined that there is a 23% probability that two of the parts will not fit together when they are assembled which will add an additional cost of $4,500. There is also a 28% probability that the manufacturing process will be easier than initially planned which could result in a savings of $2,800. You have also identified a 7% probability that a design defect will be detected which could result in rework costing $6,000. Total cost of the contingency reserve