Project Scheduling: PERT/CPM 17. The Porsche Shop, founded in 1985 by Dale Jensen, specializes in the restoration of vin- tage Porsche automobiles. One of Jensen's regular customers asked him to prepare an estimate for the restoration of a 1964 model 356SC Porsche. To estimate the time and cost to perform such a restoration, Jensen broke the restoration process into four separate ac- tivities: disassembly and initial preparation work (A), body restoration (B), engine restora- tion (C), and final assembly (D). Once activity A has been completed, activities B and C can be performed independently of each other; however, activity D can be started only if both activities B and C have been completed. Based on his inspection of the car, Jensen believes that the following time estimates (in days) are applicable: Activity A Optimistic 3 B 5 C 2 4 Most Probable Pessimistic 4 8 8 4 5 11 6 12 Jensen estimates that the parts needed to restore the body will cost $3000 and that the parts needed to restore the engine will cost $5000. His current labor costs are $400 a day. a. Develop a project network. b. What is the expected project completion time? c. Jensen's business philosophy is based on making decisions using a best- and worst- case scenario. Develop cost estimates for completing the restoration based on both a best- and worst-case analysis. Assume that the total restoration cost is the sum of the labor cost plus the material cost. d. If Jensen obtains the job with a bid that is based on the costs associated with an ex- pected completion time, what is the probability that he will lose money on the job? e. If Jensen obtains the job based on a bid of $16,800, what is the probability that he will lose money on the job?