Questions 4 and 5 are based on these facts. We Get It Done Right is the...

 

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Questions 4 and 5 are based on these facts. "We Get It Done Right" is the advertising slogan for Ace Construction. Ace is currently involved in four independent construction projects and estimates that each project has a 40% chance of being completed late and a 60% likelihood of being on-time. Each day a project is late, Ace is accessed a 10% late fee. The owner of Ace dislikes having to pay late fees and other fees applied when a project is not done right. 4. Identify a random variable that Ace managers would be very interested in knowing and construct a probability tree to produce the full probability distribution for the random variable. 5. Compute the expected number of sales and the standard deviation of the sales distribution. Questions 4 and 5 are based on these facts. "We Get It Done Right" is the advertising slogan for Ace Construction. Ace is currently involved in four independent construction projects and estimates that each project has a 40% chance of being completed late and a 60% likelihood of being on-time. Each day a project is late, Ace is accessed a 10% late fee. The owner of Ace dislikes having to pay late fees and other fees applied when a project is not done right. 4. Identify a random variable that Ace managers would be very interested in knowing and construct a probability tree to produce the full probability distribution for the random variable. 5. Compute the expected number of sales and the standard deviation of the sales distribution.

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