[Solved]a range estimating process to develop an estimate.

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[Solved]a range estimating process to develop an estimate.

The SuperFlyer Corporation is developing
a revolutionary flying disc. The new toy can fly straight over a great
distance, which is exciting by itself. However, this disc will also
return to the owner in response to his or her voice! Because this is an
advance over anything that this company has done before, estimating the
amount and cost of the hi-tech materials is difficult. The project
manager recommends using a range estimating process to develop an
estimate. The values below are submitted by the project team.

Current estimates for cost of material are as follows.

Optimistic cost of smart resin:	$5.00	per lb
Most likely cost of smart resin:	$6.00	per lb
Pessimistic cost of smart resin:	$7.50	per lb

Current estimates for total material requirements are as follows.

Optimistic quantity	20 lb / 100 units
Most likely quantity	25 lb / 100 units
Pessimistic quantity	35 lb / 100 units

(a) What is the expected price of the material per pound?
(b) What is the expected amount of material needed for 100 units?
(c) What is the expected cost for 100 units?

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