The Time Required to Complete a Project Is Normally Distributed

question 34

Multiple Choice

The time required to complete a project is normally distributed with a mean of 80 weeks and a standard deviation of 10 weeks.The construction company must pay a penalty if the project is not finished by the due date in the contract.If a construction company bidding on this contract puts in a due date of 80 weeks,what is the probability that they will have to pay a penalty?

• A)0
• B)1.000
• C)0.500
• D)1/8
• E)None of the above

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Definitions:

Owner's Equity

The residual interest in the assets of an entity after deducting liabilities.

Drawings

Withdrawals of cash or other assets from a company by its owner(s) for personal use, reducing the capital account.

Economic Events

Actions or occurrences that significantly impact the financial status or operations of a business, influencing its accounting records.

Information System

An organized system for the collection, organization, storage, and communication of information; it supports data analysis and decision-making processes within an organization.