The budget for a construction project is shown below, broken into several categories. Your company will bid the project at cost + 5%. You must therefore determine the lowest possible amount that you can bid, while remaining confident that there is a less than 10% chance you will exceed the project budget. Item Description Minimum Likely Value Maximum Simulated Value 90th %ile 1 Project Management $4,200 $4,700 $5,000 2 Engineering $19,000 $19,500 $21,400 3 Materials $3,700 $3,700 $4,500 4 Construction $58,000 $62,320 $68,000 5 Safety & Environmental $13,200 $13,800 $14,500 6 Other $4,000 $4,700 $6,000 Total Cost Bid Price