In a construction, Concrete Pouring and Mould Removal works are consecutive jobs and it is possible to
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Question:
In a construction, "Concrete Pouring" and "Mould Removal" works are consecutive jobs and it is possible to carry out each job at a different pace.As the cost changes according to the selected speed, the probabilities of the completion time of the work also change. Contractor's previous experiencehas prepared the following table for costs and possibilities based on
a. Calculate the expected (average) value of the cost in tabular form when work is done at various speeds. at least costWrite down how fast you need to do it.
a. Calculate the expected (average) value of the cost in tabular form when work is done at various speeds. at least costWrite down how fast you need to do it.
b. Suppose that if two jobs cannot be completed in 6 days, the contractor has to pay a penalty of $1000 (US$) per day. Probabilities Since these two events calculated are separate (that is, they cannot occur together), it takes 7 days for two jobs to be completed.Calculate the probabilities and the expected value of the penalty to be paid accordingly, in tabular form.
c.Calculate the expected value of the Total Cost in tabular form, interpret the result and find out what the best solution is.write.
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