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As the manager of a new website project for your company, you need to decide whether...

As the manager of a new website project for your company, you need to decide whether to create a new web application in-house or send the project out to a developer. The developer has quoted a project cost of $175,000. Based on previous work with this developer, you are 85 percent certain they will finish the work on time. Your in-house development team has quoted a project cost of $165,000. Based on previous work with the in-house team, you are 75 percent certain they will complete the work on time. Create a decision tree illustrating the cost and probability of each option (note: calculate all 4 possible options) and then identify the best decision for the project

Math   Statistics-And-Probability   
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