Give typed full explanation KSox Engineering designs and constructs air conditioning and heating (HVAC) systems for hospitals and clinics. Currently the company's staff is overloaded with designwork. There is a major design project due in 7 weeks. The penalty for completing the design late is $14,000 per week, since any delay will cause the facility to open tlater than anticipated, and cost the client significant revenue. If the company uses its inside engineers to complete the design, it will have to pay them overtime for allwork. Sox has estimated that it will cost $10,000 per week (wages and overhead), including late weeks, to have company engineers complete the design. Sox is alsoconsidering having an outside engineering firm do the design. A bid of $90,000 has been received for the completed design. Yet another option for completing thedesign is to conduct a joint design by having a third engineering company complete all electromechanical components of the design at a cost of $56,000. Sox wouldthen complete the rest of the design and control systems at an estimated cost of $30,000. Sox has estimated the following probabilities of completing the project withinvarious time frames when using each of the three options. Those estimates are shown in the following tableOn Time040.30.1Probability of Completing the DesignOne Week Late04OptionInternal EngineersExternal EngineersJoint DesignThe expected monetary value using inside engineers to complete the design is $0.402Two Weeks Late0.2020.5Three Weeks Late0.10.2(Enter your response as an integer)

Each week's late penalty is $14000 per weekFor internal engineers, the cost per week = $10000The…

Answered: The expected monetary value using…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 21P

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The expected monetary value using inside engineers to complete the design is S (Enter your response as an integer)