The IT unit of a company has been asked to prepare a budget
The IT unit of a company has been asked to prepare a budget for a special software package project. The group has considerable experience with similar tasks and submits the costs in the following table. The group also thinks that the distribution of the hours worked for each phase is normal. The wage rate for the software engineers employed on each phase is $ 60 per hour. Using simulation, find the distribution of total engineering costs for all the phases. What is the average engineering cost? Also, find the probability that the total engineering cost will be less than $ 85,000.