The cost of developing an internal training program for office automation is unknown but described by the attached probability distribution. What is the expected cost of the course. What is the most probable cost. What is the maximum cost that will occure with a 95% assurance.
See attached file for full problem description.
How do we find the expected cost of the course?
We multiply the cost of the course and the probability of occurrence and add the results.
In this case the expected cost can ...
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