***READ And follow all directions*** •Questions marked with?are wrong! •Question
ID: 3376280 • Letter: #
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***READ And follow all directions*** •Questions marked with?are wrong! •Question marked with?are Right!———PLEASE CORRECT WRONG ANSWERS———
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Answers only Please don’t make it confusing Please be clear Please write or type neatly project. Two other contractors will be submitting bids for the same project. Based on past bidding practices, bids A building contractor i from the other contractors can be described by the following probability distributions Contractor Probability Distribution of Bid Uniform probability disuribution between $590,000 and $790,000 Normal probability distribution with a mean bid of $690,000 anda standard deviation of $49,000 If required, round your answers to three decimal places a. If the building contractor submits a bid of $730,000, what is the probability that the building contractor will obtalin the bid? Use an Excel worksheet to simulate 1,000 trials of the contract bidding process. The probability of winning the bid of $730,000-0.555 | x b. The building contractor is also considering bids of 755,000 and $765,000. If the building contractor would Ilike to bid such that the probability of winning the bid is about 0.6, what bid would you recommend? Repeat the simulation process with bids of $755,000 and $765,000 to justify your recommendation. The probability of winning the bid of $755,000-0749 X The probability of winning the bid of $765,000-0.820 The reccomendation would be to choose the bid of $755000
Explanation / Answer
I have attempted the simulation. Please find it here on this link:
https://files.fm/u/h3zvayzb
I'm getting approximately the same results as your answers. You may change the H7 column in the excel file to change the contractor bid and you will find the probability of winning the bid in the given box.
The recommendation would be to chose the bid of $755000 as its probability is more closer to 0.6.
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