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A job completion time follows a triangular distribution and can be accurately estimated for the project manager. The most likely completion time is 10 days (m), the most optimistic estimate of completiontime is 5 days (a), while the most pessimistic estimate is at 18 days (b).
1. Compute the Expected completion time for this job.
2. Determine the probability of completing the job between 3-8 days.
3. The vendor earns $1,000 for a job completed within 8 days, but loses $250 for any job completed after 8 days. Compute the expected profit/loss for the vendor performing the same job 1000 times.
Please rank the levels of cost estimate based on the accuracy from high to low.
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