Question: The cost of developing an internal training program for office automation is unknown but described by the 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.
Cost Probability of Occurrence
$80,000 0.20
95,000 0.30
105,000 0.25
115,000 0.20
130,000 0.05