CIVL 520 lecture notes on Questions of Interest - Questions of Interest We seek answers to the following questions a Set up equations for Duration of

CIVL 520 lecture notes on Questions of Interest - Questions...

This preview shows page 1 - 2 out of 3 pages.

Questions of Interest We seek answers to the following questions. a) Set up equations for: Duration of excavation work Cost to contractor Profit Compute the values of each, using expected values for variable values. From the perspective of a deterministic analysis, comment on the role, if any, of the liquidated damage clause in the computation of profit. If it does not appear, how might it have been considered from the perspective of the contractor? b) You have been retained by the contractor to help him decide whether or not to bid the job. As per the original description of the project, the maximum amount that the contractor feels he can bid in order to win the job is $2,600,000. Set out a detailed step-by-step procedure for determining the expected value and variance of the performance measure, profit, and a cumulative density function of profit, using moment analysis. For the expected value, clearly indicate how you would treat liquidated damages in the equations for expected value and variance.
Image of page 1
Image of page 2

You've reached the end of your free preview.

Want to read all 3 pages?

  • Fall '12
  • KitPasula
  • Variance, Probability theory, probability density function, excavation work

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

Stuck? We have tutors online 24/7 who can help you get unstuck.
A+ icon
Ask Expert Tutors You can ask You can ask You can ask (will expire )
Answers in as fast as 15 minutes