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You have just been assigned as Project Manager (PM) to the Kuraiz-RecondaFiber Optic Cable (KRFOC) project. You are preparing your cost estimate for the project and your Project Engineer (PE) tells you it will take 425 hours to complete the design effort. Your Finance Manager (FM) tells you that engineering labor is $125 an hour. Fortunately for you, unfortunately for them, you are a graduate , specializing in project management in general and advanced project management techniques in particular. Upon questioning, your PE admits that the 425 hours is just a guess, that under the best circumstances, meaning you quit bugging him with inane questions, it may take only 375 hours. However, it could take as long as 700 hours (if you do not leave him alone to do his job). He stands by his estimate that it will normally take 425 hours. Hint: this is a triangular distribution.Thinking back to your school days, you wonder if all engineers cost $125 per hour. Upon questioning, your FM admits that this is an average cost, that the highest salary is $150, the lowest is $100. You direct him to give you the distribution of all engineer labor rates. With a lot of help (your FM does not have the benefit of your school education), he replies that the labor rate is uniformly distributed. Please answer the following two questions: -Using this information and a wonderful tool you mastered in school, Crystal Ball (CB), what is the mean cost of your engineering effort? -You are about to present your cost estimate to your sponsor when you remember that he was once a Professor the same school. You recall, too, that he wore both a belt and suspenders and you suspect that this meant he might be a bit conservative. You therefore decide to provide an engineering cost estimate such that you are confident that 95% of the time your actual costs would be less than that value and that no more than 5% of the time would you exceed that value. What is your new estimate of engineering costs? -You present your cost estimate to your sponsor. He rejects it as way, way too high. He asks what you intend to do about it. Do you:1) Fire your engineer. 2) Write your Professor and ask him where you went wrong (after all, you got a D+ in his course). 3) Request the sponsor give you another probability that he is comfortable with and re-run the estimate of costs. Be sure to provide the results of your CB simulation. Business Management Project Management PMAN 635