Question

Your company is considering submitting a bid on a major project. You determine that the expected completion time for the project is 100 days, and that the standard deviation of the expected completion time is 8 days. (It is assumed that the normal distribution applies here.) You wish to set the project completion date in your bid such that there is an 80% chance that you will be able to complete the project by the date you have set. What due date should you set? What is the probability that the project described above is done within 90 days?

          Your company is considering submitting a bid on a major project.
You determine that the expected completion time for the project is
100 days, and that the standard deviation of the expected
completion time is 8 days. (It is assumed that the normal
distribution applies here.) You wish to set the project completion
date in your bid such that there is an 80% chance that you will be
able to complete the project by the date you have set.
What due date should you set?
What is the probability that the project described above
is done within 90 days?

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Added by Michael N.

Elementary Statistics a Step by Step Approach

Allan G. Bluman 9th Edition

Instant Answer

Solved by Expert Kari Hasz

05/19/2022

Step 1

Given: Mean (μ) = 100 days Standard Deviation (σ) = 8 days Desired probability (P) = 0.80 We need to find the Z-score corresponding to a probability of 0.80, which is approximately 0.85. Using the Z-table, we find that the Z-score is 0.85. Now, we can use the Show more…

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Your company is considering submitting a bid on a major project. You determine that the expected completion time for the project is 100 days, and that the standard deviation of the expected completion time is 8 days. (It is assumed that the normal distribution applies here.) You wish to set the project completion date in your bid such that there is an 80% chance that you will be able to complete the project by the date you have set. What due date should you set? What is the probability that the project described above is done within 90 days?

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