A General Contractor needs to select among three subcontractors for the installation of a major component of the project. As the job is on the critical path, delay in the completion of the component results in a delay of the project. The General Contractor needs to pay $1500 for each day of delay. In addition, the General Contractor will be rewarded $500 for each day of early completion of the task. Following information are available for the subcontractors. Subcontractors Bidding amount ($) Additional information from previous experience Subcontractor 1 $200,000 30% likely of 20 days delay 20% likely of 50 days delay Subcontractor 2 $220,000 20% likely of 30 days delay Subcontractor 3 $240,000 10 % likely of 10 days of early completion No expected delay Draw a Decision tree diagram and show the decision node(s), chance node(s) and net path values for each option in the diagram. Using the decision tree analysis, find the Expected Cost of hiring each subcontractor. Which subcontractor is the best option for the project based on the expected cost? Calculate the contingency reserve for the selected subcontractor