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  3. 4. a project is expected to take 10 months and cos

4. A project is expected to take 10 months and cost $50,000. Experience with similar...

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4. A project is expected to take 10 months and cost $50,000. Experience with similar projects suggests a 0.30 likelihood that the project will encounter problems that could delay it as much as 4 months and increase the cost by $20,000, a. Compute risk consequence time (RT). b. Compute risk consequence cost (RC). c. Accounting for the risk time, what would be the expected project completion time? d. Accounting for the risk cost, what would be the expected project completion cost? e. If the corrective time and cost cannot be estimated, what would be the expected project completion time & cost? f. By increasing the project staff 20% for an additional cost of $10,000, the likelihood of problems would be reduced to 0.20, and the delay and cost would be 1 month and $8,000, respectively. If cost is the most important criteria, determine whether the size of the project staff should be increased. 2

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