Example 3 1. What is the expected project duration and its variance? 2. What is the probability of completing the project one week before the expected time? 3. If the project is required to be completed by December 31 of a given year and the manager wants to be 95% sure of meeting the deadline, when should he start the project work? 4. A penalty of Rs. 15,000 per week is to be imposed on the contractor if the project is not completed in 36 weeks. What is the probability that he has to pay a penalty? A penalty of Rs. 45,000