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Find the probability distribution of x

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Reference no: EM132464390

Problem: A manufacturing facility needs to open a new assembly line in four months or there will be significant cost overruns. The manager of this project believes that there are four possible values for the random variable X (the number of months from now it will take to complete this project): 3, 3.5, 4, and 4.5. It is currently believed that the probabilities of these four possibilities are in the ratio 1 to 2 to 3 to 2. That is, X = 3.5 is twice as likely as X = 3 and X = 4 is 1.5 times as likely as X = 3.5.

  • Find the probability distribution of X.
  • What is the probability that this project will be completed in less than 4 months from now?
  • What is the probability that this project will not be completed on time?
  • What is the expected completion time (in months) from now for this project?
  • How much variability (in months) exists around the expected value found in (A)?

Reference no: EM132464390

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