Question

The Siler Construction Company is about to bid on a new industrial construction project. To tormulate their bid, the company needs to estimate the time required for the profect. Dased on past experience, management expects that the project will require at least 24 months, and could take as long as 48 months if there are complications. The most likely scenario is that the project will require 30 months. (a) Assume that Uhe actual time for the praject can be approxirnated using a triangular prubablity distribution. What is the probabiity that the project wil take less thani 30 months? If required, round your answer to two decimal places. 0.25 (b) what is the probability that the project will take between 28 and 32 months? tf required, round your answer to four decimal places. 0.2963 c) To submit a competitive bid, the company believes thatf the project takes more than 36 months then he company will lose money on the pro ect Management does not want to bid on the pro ect f there is greater than a 25% chance that they wi lose money on this project. Should the company hid an this project No

i need to annonate these graphs using the answers in the first picture and the commands above the graphs are formulas for excel.

Answer 1

The first graph shows the point probability density function (PDF) for given value of x. The graph has x on the x-axis and f(x) on the y-axis. In this graph, every value of f(x) is determined by the following mathematical formulas:

The second graph shows the cumulative density function, which represents the sum of area under the PDF curve for given value of x. The area starts at 0 at x=a and goes upto the value of 1 at x=b. Thereafter, it becomes flat (paralle to x-axis)