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Construction company A is determining whether it should submit a bid for a new shopping center...
Construction company A is determining whether it should submit a bid for a new shopping center. I...
Construction company A is determining whether it should submit a bid for a new shopping center. In the past, their main competitor, construction company B, has submitted bids 90 % of the time. If company B does not bid on a job, the probability that company A will get the job is 0.20. If company B bids on a job, the probability that company A will get the job is 0.15. a. If company A gets the job, what is...
Construction company A is determining whether it should submit a bid for a new shopping center....
Construction company A is determining whether it should submit a bid for a new shopping center. In the past, their main competitor construction company B, has submitted bids 90% of the time. Y company B does not bid on a job, the probability that company A will get the job is 0.60. f company B bids on a job the probability that company A will get the job is 0.25 a. If company A gets the job, what is the...
The Chef and I is determining whether it should submit a bid to cater a wedding....
The Chef and I is determining whether it should submit a bid to cater a wedding. In the past, The Chef and I’s main competitor, Beyond Details, has submitted bids 60% of the time.If Beyond Details does not bid on a job, the probability that The Chef and I will get the job is 0.70. If Beyond Details bids on a job, the probability that The Chef and I will get the job is 0.10. (a) If The Chef and...
A building contractor is preparing a bid on a new construction project. Two other contractors will...
A building contractor is preparing a bid on a new construction project. Two other contractors will be submitting bids for this project. In this case, the lowest bid wins the contract. Based on past bidding practices, bids from the other contractors can be described by the following probability distributions (PLEASE SHOW IN EXCEL WITH FORMULAS FOR FULL RATING) A. Suppose the building contractor submits a bid of $650,000, what is the probability that the contractor submits the lowest bid and...
A building contractor is preparing a bid an new construction project. Two other contractors will be...
A building contractor is preparing a bid an new construction project. Two other contractors will be submitting bids for the same project. Based on past bidding practices, bids from the other contractors can be described by the following probability distributlons: Contractor Probability Distribution Bid A Uniform probability distribution between $600,000 and $800,000 mean bid of $700,000 and a Normal probablity distributlon with standard deviation of $50,000 If required, round your answers to three decimal places. simulate 1,000 trials of the...
Problem 12-18 (Algorithmic) A building contractor is preparing a bid on a new construction project. Two...
Problem 12-18 (Algorithmic) A building contractor is preparing a bid on a new construction project. Two other contractors will be submitting bids for the same project. Based on past bidding practices, bids from the other contractors can be described by the following probability distributions: Contractor Probability Distribution of Bid A Uniform probability distribution between $590,000 and $790,000 B Normal probability distribution with a mean bid of $690,000 and a standard deviation of $49,000 If required, round your answers to three...
Which bid price should the company submit? Show all calculations that support your answer. What will...
Which bid price should the company submit? Show all
calculations that support your answer. What will be the profit in
this case?
full working out please showing the final bid price
they should submit
Question 4 A company is trying to decide whether to bid for a certain contract or not. They estimate that merely preparing the bid will cost US $10,000. If their company bid then they estimate that there is a 50% chance that their bid will be...
o firms V and W consider bidding on a road building job, which may or may...
o firms V and W consider bidding on a road building job, which may or may not be awarded de- pending on the amounts of the bids. Firm V submits a bid and the probability is 0.8 that it will get the job provided firm W does not bid. The probability is 0.7 that W will bid, and if it does, the probability that V will get the job is only 0.4. (a) What is the probability that V will...
Decision Tree A company is trying to decide whether to bid for a certain contract or...
Decision Tree A company is trying to decide whether to bid for a certain contract or not. They estimate that merely preparing the bid will cost $10,000. If their company bids, then they estimate that there is a 50% chance that their bid will be put on the “short-list”, otherwise their bid will be rejected. Once “short-listed”, the company will have to supply further detailed information (entailing costs estimated at $5,000). After this stage, their bid will either be accepted...
Please show tree diagram as well when providing the answer. Thank you 1. There is a...
Please show tree diagram as well when providing the
answer. Thank you
1. There is a fifty-fifty chance that Firm X will bid for the construction of a new city hall. Firm Y submits a bid and the probability that it will get the job is 2/3 provided Firm X does not bid; if Firm X submits a bid, however, the prob&- bility that Firm Y will get the job is only 1/5. If Firm Y gets the job, what...
Construction company A is determining whether it should submit a bid for a new shopping center. In the past, their main competitor construction company B, has submitted bids 90% of the time. Y company B does not bid on a job, the probability that company A will get the job is 0.60. f company B bids on a job the probability that company A will get the job is 0.25 a. If company A gets the job, what is the...
A building contractor is preparing a bid an new construction project. Two other contractors will be submitting bids for the same project. Based on past bidding practices, bids from the other contractors can be described by the following probability distributlons: Contractor Probability Distribution Bid A Uniform probability distribution between $600,000 and $800,000 mean bid of $700,000 and a Normal probablity distributlon with standard deviation of $50,000 If required, round your answers to three decimal places. simulate 1,000 trials of the...
Which bid price should the company submit? Show all
calculations that support your answer. What will be the profit in
this case?
full working out please showing the final bid price
they should submit
Question 4 A company is trying to decide whether to bid for a certain contract or not. They estimate that merely preparing the bid will cost US $10,000. If their company bid then they estimate that there is a 50% chance that their bid will be...
o firms V and W consider bidding on a road building job, which may or may not be awarded de- pending on the amounts of the bids. Firm V submits a bid and the probability is 0.8 that it will get the job provided firm W does not bid. The probability is 0.7 that W will bid, and if it does, the probability that V will get the job is only 0.4. (a) What is the probability that V will...
Please show tree diagram as well when providing the
answer. Thank you
1. There is a fifty-fifty chance that Firm X will bid for the construction of a new city hall. Firm Y submits a bid and the probability that it will get the job is 2/3 provided Firm X does not bid; if Firm X submits a bid, however, the prob&- bility that Firm Y will get the job is only 1/5. If Firm Y gets the job, what...
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