Given a cost estimate in the form: Project Cost = SQi*[Mi+Wi*Li] and all random variables [Q,M,W,L] have a Normal Distri

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Given a cost estimate in the form:
Project Cost =
SQi*[Mi+Wi*Li]
and all random variables [Q,M,W,L] have a Normal Distribution
-
Variable
Mean
Std. Dev.
Q1
100
10
Q2
50
10
L1
1
1
L2
2
1
W1
20
2
W2
18
1
M1
10
2
M2
20
1
Question 1 – using FOSM fill in this table
Cost Element
Mean
Standard Dev
Labor Unit Rate 1 (W*L)
Labor Unit Rate 2
Labor Cost 1 (W*L*Q)
Labor Cost 2
Material Cost 1 (M*Q)
Material Cost 2
Cost Element 1
Cost Element 2
Total Project Cost
Question 2 - If all of the variables are
“independent” is the final materials cost #1(i.e., Q1*M1)
correlated with the final labor cost #1 (i.e., Q1*L1*W1)?
Question 3 - Is the final material cost #1
correlated with the final material cost #2?