MHB Probability and Statistics question

AI Thread Summary
Optimistic cost refers to the lowest possible cost estimate for a project, while pessimistic cost represents the highest possible estimate. In the discussion, the minimum cost is identified as 301 million and the maximum as 340 million, with a difference of 39 million. The mean cost exceeding 325 million is calculated as 15 million, leading to a probability of 38.5% that the future project mean cost will exceed this threshold. The user seeks additional resources for a deeper understanding of these concepts. Clarification on optimistic and pessimistic costs can enhance project cost estimation accuracy.
mkamalkayani
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Please can anyone tell me what is optimistic cost and what is pessimistic cost. You may suggest a book or a link where I can find explanation. I have tried to search for it but could not find anything useful. I want to solve the questions shown below.
I will be grateful to you for your help. Thanks
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This is how I tackle this problem.

Minimum possible cost is 301 million and the maximum possible cost is $340 million.
The difference between these costs is 39 million. The mean cost which exceeds from 325 is 340 million minus 325 million which is equal to 15 million.

Therefore, the probability that the future project mean cost will exceed 325 million is equal to 15/39 = 0.385 = 38.5%
 

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