Probability Questions with Solutions. Tutorial on finding the probability of an event. In what follows, S is the sample space of the experiment in question and E Two coins are tossed, find the probability that two heads are obtained. Note: Each coin has two possible outcomes H (heads) and T (Tails).Many project managers are under the misconception that the average completion time of the project is therefore also 2 weeks. However, the project will finish in 2 weeks only if each of the 10 tasks finishes in average or below average time. Assuming independent symmetric distributions for each task, the chance of this is less than 1 in 1,000.
You are managing a construction project using a fixed price (FP) contract. The contract is structured so that your company will be paid a fee of $85,000 to complete the work. There was a $15,000 overhead cost that your company had to cover. It’s now three months into the project, and your costs have just exceeded $70,000.