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Select project B as expected profit of project B is higher than Project A.
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A contractor is to bid on one of two construction projects, Project A or Project B....
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...
only need help with bonus part Part II: Problem 1 (20) A contractor must submit a bid proposal on one of three possible projects. Each project offers different profits and risks associated with wi...
only need help with bonus part
Part II: Problem 1 (20) A contractor must submit a bid proposal on one of three possible projects. Each project offers different profits and risks associated with wining the bid and actual profits from performing the work. For example, if the contractor submits a bid and wins, the predicted profit may range from high to low due to the uncertainty of site conditions (.e O, Good ,02-Fair, θ-Poor) The following table summarizes the costs...
A contractor is deciding between submitting a bid for either a highway or a dam project (he cannot submit bids for both...
A contractor is deciding between submitting a bid for either a highway or a dam project (he cannot submit bids for both). The estimated bid price for the highway job is $1.5M (million), that for the dam is S3M. Cost for preparing a bid is 2% of the bid price, and estimated net profit is 10% of the bid price. The contractor estimates there is 70% chance to win the highway job, but only a 50-50 chance for getting the...
Anthony Papantonis, owner of Nauset Construction, is bidding on two projects, A and B. The probability...
Anthony Papantonis, owner of Nauset Construction, is bidding on two projects, A and B. The probability that he wins project A is 0.40 and the probability that he wins project B is 0.80. Winning Project A and winning Project B are independent events. a. What is the probability that he wins project A or project B? (Round your answer to 2 decimal places.) Probability b. What is the probability that he does not win either project? (Round your answer to...
Please, solve with Excel and provide step by step details and formulas. A contractor has found...
Please, solve with Excel and provide step by step details and
formulas.
A contractor has found out that her cost for a certain construction job is subject to random variation. She believes its actual value follows a continuous uniform distribution between $9000 and $11000. The cost to prepare her bid is $500. She is competing in a sealed bid competition with four other contractors. She believes that the bids submitted by the other contractors will vary triangularly with a minimum...
A construction firm bids on two different contracts. Let E1 be the event that the bid...
A construction firm bids on two different contracts. Let E1 be the event that the bid on the first contract is successful, and define E2 analogously for the second contract. Suppose that P(E1) = 0.6 and P(E2) = 0.3 and that E1 and E2 are independent events. (a) Calculate the probability that both bids are successful (the probability of the event E1 and E2). (b) Calculate the probability that neither bid is successful (the probability of the event (not E1)...
A consulting firm submitted a bid for a large research project. The firm's management initially felt...
A consulting firm submitted a bid for a large research project. The firm's management initially felt they had a 50-50 chance of getting the project. However, the agency to which the bid was submitted subsequently requested additional information on the bid. Past experience indicates that for 72% of the successful bids and 39% of the unsuccessful bids the agency requested additional information. a. What is the prior probability of the bid being successful (that is, prior to the request for...
a company wants to bid on two jobs, A and B. the cost to bid on...
a company wants to bid on two jobs, A and B. the cost to bid on job A is 1500, and would earn the company 12000, but the probability of getting job A is .55. the cost to bid on job b is 1200 and would earn the company 9000 but the probability of getting job b is .85. 1) creat a tree diagram 2) create a probability distribution for this (label) 3) what is the expected profit for bidding...
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...
only need help with bonus part
Part II: Problem 1 (20) A contractor must submit a bid proposal on one of three possible projects. Each project offers different profits and risks associated with wining the bid and actual profits from performing the work. For example, if the contractor submits a bid and wins, the predicted profit may range from high to low due to the uncertainty of site conditions (.e O, Good ,02-Fair, θ-Poor) The following table summarizes the costs...
A contractor is deciding between submitting a bid for either a highway or a dam project (he cannot submit bids for both). The estimated bid price for the highway job is $1.5M (million), that for the dam is S3M. Cost for preparing a bid is 2% of the bid price, and estimated net profit is 10% of the bid price. The contractor estimates there is 70% chance to win the highway job, but only a 50-50 chance for getting the...
Anthony Papantonis, owner of Nauset Construction, is bidding on two projects, A and B. The probability that he wins project A is 0.40 and the probability that he wins project B is 0.80. Winning Project A and winning Project B are independent events. a. What is the probability that he wins project A or project B? (Round your answer to 2 decimal places.) Probability b. What is the probability that he does not win either project? (Round your answer to...
Please, solve with Excel and provide step by step details and
formulas.
A contractor has found out that her cost for a certain construction job is subject to random variation. She believes its actual value follows a continuous uniform distribution between $9000 and $11000. The cost to prepare her bid is $500. She is competing in a sealed bid competition with four other contractors. She believes that the bids submitted by the other contractors will vary triangularly with a minimum...
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