A time overrun is defined as the inability of a contractor to complete a construction project...
A time overrun is defined as the inability of a contractor to complete a construction project within the original contract time schedule. From past records, it has been observed that 15 out of every 100 state contracts in a certain state result in time overruns. Next year, the state intends to let out 10 construction contracts.
(a) Find the probability that more than 2 of next year’s contracts will have a time overrun.
(b) Find the probability that exactly 3 of next year’s contracts will have a time overrun.
(c) How many time overrun contracts can the state expect next year?
Homework Answers
here this is binomial distribution with parameter n=10 and p=15/100 =0.15
a) probability that more than 2 of next year’s contracts will have a time overrun =P(X>2)
=1-P(X<=2) =1-(P(X=0)+P(X=1)+P(X=2))=1-10C0(0.15)0(0.85)10-10C1(0.15)1(0.85)9-10C2(0.15)0(0.85)8
=0.1798
b)
probability that exactly 3 of next year’s contracts will have a time overrun =10C3(0.15)3(0.85)7
=0.1298
c)
expected number =np=10*0.15 =1.5
Add Answer to:
A time overrun is defined as the inability of a
contractor to complete a construction project...
I construction work on multistorey building is a potentially hazardous occupation. A building contractor who is...
I construction work on multistorey building is a potentially hazardous occupation. A building contractor who is building a skyscraper at a steady pace finds that in spite of a strong emphasis on safety measures, he has been experiencing accidents among his large group of steel workers; on the average, about l accident occurs every 6 months. ()Assuming that the occurrence of a specific accident is not influenced by any previous 4.4 Stee accident, find the probability that there will be...
Hollywood Construction Company recognizes revenue over time according to percentage of completion for its long term...
Hollywood Construction Company recognizes revenue over time according to percentage of completion for its long term construction contracts. During 2018 Hollywood began work on a $3,000,000 foed-fee construction contract which was completed in 2021. The accounting records disclosed the following data at year-end: Estimated costs to complete at end of year $1,800,000 1,100,000 400,000 Cumulative contract costs incurred S 200,000 1,100,000 2,000,000 2018 2019 2020 For the 2020 year, Hollywood should have recognized gross profit on this contract of
Bright Future signed a $700,000 contract to an d the project required three years to complete....
Bright Future signed a $700,000 contract to an d the project required three years to complete. Bright Future estimated that total contract coswabe SGD 000 The financial information during 2031 203 related to the construction contracts as the following 2002 2003 Costs incurred to date $200.000 $370,000 $610,000 Estimated costs to complete 400 000 250.000 Progress bilings made during the year 210,000 315.000 175.000 Collections of billings during the year 200,000 320,000 180,000 Additional information: 1) The customer does not...
1 According to the project plan, a contractor is scheduled to deliver some software components today...
1 According to the project plan, a contractor is scheduled to deliver some software components today afternoon. A regular payment is due to be made to this contractor tomorrow. You and your project team received a note this morning informing you that the software delivery will be delayed by 2 weeks. What should you do right now? a You should delay the payment for two weeks b You must immediately find a different contractor c You should conduct a meeting...
The City of St. Louis, Mississippi (population just under 24,000) passed a bond issue for $2,500,000, 4.5 percent, semiannual interest, 10 year bonds to finance the construction of a second high schoo...
The City of St. Louis, Mississippi (population just under 24,000) passed a bond issue for $2,500,000, 4.5 percent, semiannual interest, 10 year bonds to finance the construction of a second high school to be called McGhee High, named in memory of the Pulitzer Prize winning author, William Faulkner. The State also contributed $110,000 for construction of the gymnasium. The contractor selected then submitted her contract for $2,080,000 to commence on January 2, 2019, with the project’s estimated completion in late...
The City of St. Louis, Mississippi (population just under 24,000) passed a bond issue for $2,500,000, 4.5 percent, semiannual interest, 10 year bonds to finance the construction of a second high schoo...
The City of St. Louis, Mississippi (population just under 24,000) passed a bond issue for $2,500,000, 4.5 percent, semiannual interest, 10 year bonds to finance the construction of a second high school to be called McGhee High, named in memory of the Pulitzer Prize winning author, William Faulkner. The State also contributed $110,000 for construction of the gymnasium. The contractor selected then submitted her contract for $2,080,000 to commence on January 2, 2019, with the project’s estimated completion in late...
The City of St. Louis, Mississippi (population just under 24,000) passed a bond issue for $2,500,000, 4.5 percent, semiannual interest, 10 year bonds to finance the construction of a second high schoo...
The City of St. Louis, Mississippi (population just under 24,000) passed a bond issue for $2,500,000, 4.5 percent, semiannual interest, 10 year bonds to finance the construction of a second high school to be called McGhee High, named in memory of the Pulitzer Prize winning author, William Faulkner. The State also contributed $110,000 for construction of the gymnasium. The contractor selected then submitted her contract for $2,080,000 to commence on January 2, 2019, with the project’s estimated completion in late...
Question 1: What is a joint venture and why might two construction firms choose to form...
Question 1: What is a joint venture and why might two construction firms choose to form one? (4 points) Case Study 1: Please answer the first 4 questions with the following case data for Project 101 and Project 102. A construction company began operations on January 2, 2010. During the year the company was awarded three construction contracts. The company incurred $300,000 operating expenses for the year for which $275,000 has been paid while the balance is owed as of...
For each problem below, state the distribution, list the parameter values and then solve the problem....
For each problem below, state the distribution, list the parameter values and then solve the problem. You may use Excel to solve but you still need to list the distribution name and parameter value(s). For example: Poisson distribution, x=5, p=0.24, P(5; 0.24) = 0.78 a) A skeet shooter hits a target with probability 0.6. What is the probability that they will hit at least four of the next five targets? b) You draw a random sample of 12 first graders...
Orleans Construction Company Case (adapted from Meredith and Mantel) The Orleans Construction Company, a small construction...
Orleans Construction Company Case (adapted from Meredith and Mantel) The Orleans Construction Company, a small construction company in North Carolina, has been awarded a contract for the construction of a new 25,000 soccer stadium at Greensboro. The City is hoping to use this facility to attract a new soccer franchise. The construction cannot start earlier than March 2, 2020 (because of the availability of bond funds) and must be completed within 1 year (52 weeks). A penalty clause of $13,000...
I construction work on multistorey building is a potentially hazardous occupation. A building contractor who is building a skyscraper at a steady pace finds that in spite of a strong emphasis on safety measures, he has been experiencing accidents among his large group of steel workers; on the average, about l accident occurs every 6 months. ()Assuming that the occurrence of a specific accident is not influenced by any previous 4.4 Stee accident, find the probability that there will be...
Hollywood Construction Company recognizes revenue over time according to percentage of completion for its long term construction contracts. During 2018 Hollywood began work on a $3,000,000 foed-fee construction contract which was completed in 2021. The accounting records disclosed the following data at year-end: Estimated costs to complete at end of year $1,800,000 1,100,000 400,000 Cumulative contract costs incurred S 200,000 1,100,000 2,000,000 2018 2019 2020 For the 2020 year, Hollywood should have recognized gross profit on this contract of
Bright Future signed a $700,000 contract to an d the project required three years to complete. Bright Future estimated that total contract coswabe SGD 000 The financial information during 2031 203 related to the construction contracts as the following 2002 2003 Costs incurred to date $200.000 $370,000 $610,000 Estimated costs to complete 400 000 250.000 Progress bilings made during the year 210,000 315.000 175.000 Collections of billings during the year 200,000 320,000 180,000 Additional information: 1) The customer does not...
Question 1: What is a joint venture and why might two construction firms choose to form one? (4 points) Case Study 1: Please answer the first 4 questions with the following case data for Project 101 and Project 102. A construction company began operations on January 2, 2010. During the year the company was awarded three construction contracts. The company incurred $300,000 operating expenses for the year for which $275,000 has been paid while the balance is owed as of...
For each problem below, state the distribution, list the parameter values and then solve the problem. You may use Excel to solve but you still need to list the distribution name and parameter value(s). For example: Poisson distribution, x=5, p=0.24, P(5; 0.24) = 0.78 a) A skeet shooter hits a target with probability 0.6. What is the probability that they will hit at least four of the next five targets? b) You draw a random sample of 12 first graders...
Most questions answered within 3 hours.
-
Consider the quantum number sets listed below.
What is the name of the smallest element for...
asked 1 hour ago -
In python,write a function nameSet(first, last) that takes a
person's first and last names as input,...
asked 3 hours ago -
How do you think we should value management? Specifically how
might we try to determine MRPL...
asked 3 hours ago -
Suppose the Central Bank of Turkey starts to pay
interest on reserves. Under what circumstances this...
asked 3 hours ago -
For Bergson the concept of Being contains less reality than does
the concept of Becoming. True...
asked 5 hours ago -
What is the hydroxide ion concentration, [OH-], in a solution
with a hydronium ion concentration, [H3O+]...
asked 4 hours ago -
What species is the reducing agent in the following
equation?
Mg(s) + 2HCl (aq) --> MgCl2(aq)...
asked 5 hours ago -
A 50g ice cube is taken out of a freezer at 0 degrees Celsius
and put...
asked 6 hours ago -
How do ratios help you determine trends? What specific
information do managers look at? Is there...
asked 6 hours ago -
A wavelength of 514 nm is used to find an unknown diffraction
grating. If the separation...
asked 6 hours ago -
Use the central limit theorem to find the mean and standard
error of the mean of...
asked 7 hours ago -
You will be given a file that will contain averages for classes
which are divided into...
asked 7 hours ago