Question

Cement Masters has entered an agreement with Meadow Golf Club to construct a new path for $200,000. With this agreement is a potential bonus payment of $40,000. This performance bonus is will be paid in full if the project is completed by the agreed upon date. Otherwise, the payment amount will decrease by $10,000 per week for each week beyond the agreed upon date. Experience by Cement Masters' project manager leads him to estimate that there is a 55% probability the project will complete on time, a 30% probability the project will be 1 week late, and 15% probability the project will complete 2 weeks later than the agreed upon date.

Answer 1

Cement Masters has entered an agreement with Meadow Golf Club to construct a new path for $200,000. With this agreement is a potential bonus payment of $40,000. This performance bonus is will be paid in full if the project is completed by the agreed upon date. Otherwise, the payment amount will decrease by $10,000 per week for each week beyond the agreed upon date. Experience by Cement Masters' project manager leads him to estimate that there is a 55% probability the project will complete on time, a 30% probability the project will be 1 week late, and 15% probability the project will complete 2 weeks later than the agreed upon date.

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Answer 2

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Cement Masters has entered an agreement with Meadow Golf Club to construct a new path for $200,000. With this agreement is a potential bonus payment of $40,000. This performance bonus is will be paid in full if the project is completed by the agreed upon date. Otherwise, the payment amount will decrease by $10,000 per week for each week beyond the agreed upon date. Experience by Cement Masters' project manager leads him to estimate that there is a 55% probability the project will complete on time, a 30% probability the project will be 1 week late, and 15% probability the project will complete 2 weeks later than the agreed upon date.