The Porsche Shop, founded in 1985 by Dale Jensen, specializes in the restoration of vintage Porsche automobiles. One of Jensen's regular customers asked him to prepare an estimate for the restoration of a 1964 model 356SC Porsche. To estimate the time and cost to perform such a restoration, Jensen broke the restoration process into four separate activities: disassembly and initial preparation work (A), body restoration (B), engine restoration (C), and final assembly (D). Once activity A has been completed, activities B and C can be performed independently of each other; however, activity D can be started only if both activities B and C have been completed. Based on his inspection of the car, Jensen believes that the following time estimates (in days) are applicable: Activity Optimistic Most Probable Pessimistic A 3 4 8 B 3 4 5 C 5 7 9 D 4 5 12 Jensen estimates that the parts needed to restore the body will cost $4000 and that the parts needed to restore the engine will cost $4000. His current labor costs are $300 a day. What is the expected project completion time? Critical Path: ACD If required, round your answer to one decimal place. Expected time = fill in the blank __ days Jensen's business philosophy is based on making decisions using a best- and worst-case scenario. Develop cost estimates for completing the restoration based on both a best- and worst-case analysis. Assume that the total restoration cost is the sum of the labor cost plus the material cost. If required, round non-monetary answers to the nearest whole number. If required, round monetary answers to the nearest dollar. Best Case (Optimistic Times) = _12_days Total Cost = $ 11,600 Worst Case (Pessimistic Times) = 29 days Total Cost = $ 16,700 If Jensen obtains the job with a bid that is based on the costs associated with an expected completion time, what is the probability that he will lose money on the job? If required, round your answer to the nearest dollar. Bid Cost = $ fill in the blank If required, round your answer to two decimal places. The probability is fill in the blank If Jensen obtains the job based on a bid of $14,300, what is the probability that he will lose money on the job? Note: Use Appendix B to identify the areas for the standard normal distribution. If required, round your answer to four decimal places. The probability of a loss is fill in the blank

The Porsche Shop, founded in 1985 by Dale Jensen, specializes in the restoration of vintage Porsche automobiles. One of Jensen's regular customers asked him to prepare an estimate for the restoration of a 1964 model 356SC Porsche. To estimate the time and cost to perform such a restoration, Jensen broke the restoration process into four separate activities: disassembly and initial preparation work (A), body restoration (B), engine restoration (C), and final assembly (D). Once activity A has been completed, activities B and C can be performed independently of each other; however, activity D can be started only if both activities B and C have been completed. Based on his inspection of the car, Jensen believes that the following time estimates (in days) are applicable: Activity Optimistic Most Probable Pessimistic A 3 4 8 B 3 4 5 C 5 7 9 D 4 5 12 Jensen estimates that the parts needed to restore the body will cost $4000 and that the parts needed to restore the engine will cost $4000. His current labor costs are $300 a day. What is the expected project completion time? Critical Path: ACD If required, round your answer to one decimal place. Expected time = fill in the blank __ days Jensen's business philosophy is based on making decisions using a best- and worst-case scenario. Develop cost estimates for completing the restoration based on both a best- and worst-case analysis. Assume that the total restoration cost is the sum of the labor cost plus the material cost. If required, round non-monetary answers to the nearest whole number. If required, round monetary answers to the nearest dollar. Best Case (Optimistic Times) = _12_days Total Cost = $ 11,600 Worst Case (Pessimistic Times) = 29 days Total Cost = $ 16,700 If Jensen obtains the job with a bid that is based on the costs associated with an expected completion time, what is the probability that he will lose money on the job? If required, round your answer to the nearest dollar. Bid Cost = $ fill in the blank If required, round your answer to two decimal places. The probability is fill in the blank If Jensen obtains the job based on a bid of $14,300, what is the probability that he will lose money on the job? Note: Use Appendix B to identify the areas for the standard normal distribution. If required, round your answer to four decimal places. The probability of a loss is fill in the blank

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

See similar textbooks

Related questions

Question


Activity	Optimistic	Most Probable	Pessimistic

A	3	4	8
B	3	4	5
C	5	7	9
D	4	5	12

Jensen estimates that the parts needed to restore the body will cost $4000 and that the parts needed to restore the engine will cost $4000. His current labor costs are $300 a day.

What is the expected project completion time?

Critical Path: ACD

If required, round your answer to one decimal place.

Expected time = fill in the blank __ days
Jensen's business philosophy is based on making decisions using a best- and worst-case scenario. Develop cost estimates for completing the restoration based on both a best- and worst-case analysis. Assume that the total restoration cost is the sum of the labor cost plus the material cost.

If required, round non-monetary answers to the nearest whole number. If required, round monetary answers to the nearest dollar.

Best Case (Optimistic Times) = _12_days

Total Cost = $ 11,600

Worst Case (Pessimistic Times) = 29 days

Total Cost = $ 16,700
If Jensen obtains the job with a bid that is based on the costs associated with an expected completion time, what is the probability that he will lose money on the job? If required, round your answer to the nearest dollar.

Bid Cost = $ fill in the blank

If required, round your answer to two decimal places.

The probability is fill in the blank
If Jensen obtains the job based on a bid of $14,300, what is the probability that he will lose money on the job?

Note: Use Appendix B to identify the areas for the standard normal distribution. If required, round your answer to four decimal places.

The probability of a loss is fill in the blank

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 5 images

SEE SOLUTION Check out a sample Q&A here

Follow-up Questions

Read through expert solutions to related follow-up questions below.

Follow-up Question

If Jensen obtains the job based on a bid of $14,300, what is the probability that he will lose money on the job?

Note: Use Appendix B (link to appendix b https://cxp-cdn.cengage.info/protected/prod/assets/b6/2/b62d7c39-0b28-4359-ade6-4e056146f23e.pdf?__gda__=st=1671734492~exp=1672339292~acl=%2fprotected%2fprod%2fassets%2fb6%2f2%2fb62d7c39-0b28-4359-ade6-4e056146f23e.pdf*~hmac=6aa777d3df8bd33ffb3bbf0e849b197e2f0e6fb7a521cce4eb085aa7faf52b03) to identify the areas for the standard normal distribution. If required, round your answer to four decimal places.

Solution

by Bartleby Expert

SEE SOLUTION