You work for Zulu Corporation. They make safety equipment for race car drivers.

Question

You work for Zulu Corporation. They make safety equipment for race car drivers. You have been assigned the design for a new latch mechanism for the 5-point seat harness. In the past, the latch mechanism securely held the driver in place, but was very expensive to manufacture. The requirements for the new latch mechanism include a 50% reduction in its cost. You have been asked to estimate how long it will take to redesign the mechanism using the weighted-average method to the 99.7% confidence interval. You have been given three estimates by your team members:

Optimistic: 8 weeks

Pessimistic: 35 weeks

Expected: 25 weeks.

Provide the following values rounded to the nearest integer:

Mean:  

Standard Deviation:  

Final value at 99.7% confidence interval:

Explanation / Answer

Let write pessimistic - p, Expected -e and optimisitc - o

so mean value of project time = (o + 4e + p)/6 = (8 + 4 * 25 + 35)/6 = 23.83 weeks

Standard deviation of project time = (p -o)/6 = (35 - 8)/6 = 4.5 weeks

99.7% confidence interval means 3 standard deviation away from mean.

Final value at 99.7% confidence interval = Mean + 3 * standard deviation = 23.83 + 3 * 4.5 = 37.33 weeks

so, it will take 37.33 weeks for 99.7% confidence interval.

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