(Solved): Labor estimates are shown in hours with standard costs shown in the last column. Material, contrac ...

Labor estimates are shown in hours with standard costs shown in the last column. Material, contracts, and travel are shown in $$\$1,000$$ s. a. Determine the project expected cost and variance using standard labor costs (I suggest converting the opt $$/\mathrm{ml}/$$ pess labor to dollars before computing mean and variance). b. What is the probability that the project cost using standard labor costs will be less than $$\$275,000?$$ c. Your boss asks you for a cost that you can be $$95\%$$ sure the project will not exceed. What your answer?