A construction firm has a .75 probability of winning a contract to build a power
ID: 3024057 • Letter: A
Question
A construction firm has a .75 probability of winning a contract to build a power plant in India if a major competitor does not bid for the contract, and a .25 probability of concluding the deal if the competitor does not bid for it. It is estimated that the probability that the competitor will submit a bid for the contract is .45. What is the probability of winning the contract?A construction firm has a .75 probability of winning a contract to build a power plant in India if a major competitor does not bid for the contract, and a .25 probability of concluding the deal if the competitor does not bid for it. It is estimated that the probability that the competitor will submit a bid for the contract is .45. What is the probability of winning the contract?
Explanation / Answer
the probability of winning the contract is 0.45X 0.25 + 0.55 X 0.75 = 0.525
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