Mathematics, 09.04.2021 04:10 aaliyah80
Based on past experience, a firm of architects sets the probability of winning a contract at 0.35. The contract is worth $18,000 and the firm calculates it would cost $3,600 to prepare a contract proposal. (6 marks)
a) Find the expected value of the contract proposal.
b) Is it financially a good idea for the firm to bid on the contract? Why?
Answers: 1
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Based on past experience, a firm of architects sets the probability of winning a contract at 0.35. T...
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