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Question 1 A contractor is interested in the total cost of a project for which he...

Question 1

A contractor is interested in the total cost of a project for which he intends to bid. He estimates that materials will cost P25000 and that his labour will cost P900 per day. The contractor then formulates the probability distribution for completion time (X), in days, as given in the following table.

Completion time in days (X)

10

11

12

13

14

P(X=x)

0.1

0.3

0.3

0.2

0.1
  1. Determine the total cost function C for the project.
  2. Find the mean and variance for completion time X.
  3. Find the mean, variance and standard deviation for the total cost C.
Math   Statistics-And-Probability   
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