Cumulative Distribution Functions
Comparison of Cumulative Distribution Functions for cost associated with Contract A andContract Ba) What are the realistic maximum and minimum costs associated with each of the contracts?[4 marks]b) Which contract is associated with a higher probability of a cost less than £8 million? Whichcontract is associated with a higher probability of a cost greater than £11 million?[2 marks]c) If your decision was based on minimizing the expected value of the cost, which contractwould you choose? Does this agree with your assessment in Q5c, and if not, why not?For more information on Cumulative Distribution Functions check on:https://en.wikipedia.org/wiki/Cumulative_distribution_function
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