Question: Pleas do tree to answer this question like the tree in the photo 8 . Use Precision Tree to create a decision tree and find
Pleas do tree to answer this question like the tree in the photo
Use Precision Tree to create a decision tree and find the optimal solution to the situation described below. Feel free to discuss this with your classmates. Also, you can use the spreadsheet in Precision Tree to make the necessary calculations for utility value andor other quantities required for creating the tree.There are only days left before the scheduled completion date for a construction project, and the contractor is behind schedule. Based on the contractor's judgment, the project could still meet thedeadline if exceptionally good weather GOOD prevails for the next days. The contractor estimates that there is a probability of this good weather occurring. However, if normal weather NORM prevails, the completion will be delayed by days beyond the scheduled date. If bad weather BAD prevails, completion will be days late. Assume that normal and bad weather are equally likely to occur in the remaining time, and that the cost of delay is x x in thousands of dollars, where x is the delay in days.The contractor has the option of employing a 'crash' program CRASH at an additional fixed cost of $ With this crash program, the chances of completing the project on time in the events of normal and bad weather increase to and respectively. Also, if the project is delayed despite the crash program, the delay will only be day under normal weather or days under bad weather conditions. Should the contractor undertake the crash program?
Step by Step Solution
There are 3 Steps involved in it
1 Expert Approved Answer
Step: 1 Unlock
Question Has Been Solved by an Expert!
Get step-by-step solutions from verified subject matter experts
Step: 2 Unlock
Step: 3 Unlock
