Assignment 5 Risk Overview You are working on completing the budget for the 3.0 Administration workstream. In Assignment 4, after the schedule compression, the cost estimate was below the $100,000 cost constraint. The last step you need to do to complete the project cost is to add in the contingency. This is what we have determined so far: Description Duration Cost Estimate Normal duration 50 days $75,000 Compressed duration 40 days $77,250 You have decided to use the simple simulation approach to size the cost contingency. The team has provided you with optimistic, most likely, and pessimistic cost estimates for each work package based on the compressed 40-day schedule. WBS Name Optimistic Most Likely Pessimistic 3.0 Administration $01,500 $77,250 $175,000 3.1 Legal $19,000 $24,500 $50,000 3.1.1 Lawyer hired $1,000 $1,250 $5,000 3.1.2 Contracts $12,000 $15,000 $25,000 3.1.3 Contracts signed $3,000 $4,250 $10,000 3.1.4 Legal requirements $3,000 $4,000 $10,000 3.2 HR $19,500 $25,750 $55,000 3.2.1 Firm hired $3,000 $3,750 $7,500 3.2.2 Staff contracts $3,000 $3,750 $15,000 3.2.3 New contracts $5,000 $7,500 $20,000 3.2.4 Severance packages $5,000 $3,250 $20,000 325 Staff communications $2,503 $2,533 $2,530 3.3 Ofce move $12,750 $15,250 $25,000 3.3.1 Plan move $1,500 $1 ,500 $3,000 332 Ofce packed $3,750 $6,250 $10,000 3.3.3 Ofce moved $7,500 $7,500 $15,000 3.4 Preject management $10,250 $11,750 $32,000 3.4.1 Planning $4,750 $4,750 $20,000 3.4.2 Status rations $1 ,500 $3,000 $3,000 3.4.3 Admin completed $4,000 $4,000 $4,000 For your report to the Project Sponsor, you want to develop the answers to the following questions: 1. What is the expected cost for 3.0 Administration workstream with a 40-day duration? 2. What is the probability of completing the 3.0 Administration workstream for $100,000 or less? 3. What is the budget for the 3.0Administration workstream to have an 80% probability of meeting the budget