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There is a compilation of past behavior in 15 bids of a typical contractor against you as a contractor. The mean and the standard deviation of the bid-to-total cost ratio (B/TC) is 1.07467 and 0.0630 respectively. Using normal distribution at what markup percentage there will be at least a 50% chance that you win the tender against the typical bidder? (round up to 2 decimal places)
- a)I swim laps, play tennis, the weight machines, and bicycle riding.
- b)I swim laps, play tennis, lift weights, and ride a bicycle.
- c)I swim laps, play tennis, lift weights, and bicycle riding is a change.
- d)swimming laps, tennis, lifting weights, and the bicycle.
Correct answer is between '7.4,7.5'. Can you explain this answer?
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There is a compilation of past behavior in 15 bids of a typical contra...
Understanding Bid-to-Total Cost Ratio (B/TC)
The bid-to-total cost ratio (B/TC) is a crucial metric when competing for tenders. To win a tender, your B/TC must be lower than your competitors, giving you a strategic advantage.
Given Data
- Mean (μ): 1.07467
- Standard Deviation (σ): 0.0630
Normal Distribution
The B/TC follows a normal distribution, where you can estimate the likelihood of winning based on your markup percentage. To determine the markup percentage that gives at least a 50% chance of winning, we need to find the point where your B/TC is equal to the mean.
Calculating the Winning Markup
1. Determine Your B/TC:
The target B/TC for a 50% chance of winning is the mean, which is 1.07467.
2. Understanding Markup:
The markup percentage can be derived from the B/TC. The formula for B/TC is:
B/TC = (Total Cost + Markup) / Total Cost
Rearranging gives us:
Markup = B/TC * Total Cost - Total Cost
3. Markup Calculation:
If we assume a total cost of 1 (for simplicity), then:
Markup = 1.07467 * 1 - 1 = 0.07467
To convert this into a percentage, multiply by 100:
Markup Percentage = 0.07467 * 100 = 7.467%
Final Interpretation
Rounding up to two decimal places gives you a markup percentage range between 7.4% and 7.5%. This means that if you set your markup at or around these percentages, you would have at least a 50% chance of winning against the typical bidder.
The bid-to-total cost ratio (B/TC) is a crucial metric when competing for tenders. To win a tender, your B/TC must be lower than your competitors, giving you a strategic advantage.
Given Data
- Mean (μ): 1.07467
- Standard Deviation (σ): 0.0630
Normal Distribution
The B/TC follows a normal distribution, where you can estimate the likelihood of winning based on your markup percentage. To determine the markup percentage that gives at least a 50% chance of winning, we need to find the point where your B/TC is equal to the mean.
Calculating the Winning Markup
1. Determine Your B/TC:
The target B/TC for a 50% chance of winning is the mean, which is 1.07467.
2. Understanding Markup:
The markup percentage can be derived from the B/TC. The formula for B/TC is:
B/TC = (Total Cost + Markup) / Total Cost
Rearranging gives us:
Markup = B/TC * Total Cost - Total Cost
3. Markup Calculation:
If we assume a total cost of 1 (for simplicity), then:
Markup = 1.07467 * 1 - 1 = 0.07467
To convert this into a percentage, multiply by 100:
Markup Percentage = 0.07467 * 100 = 7.467%
Final Interpretation
Rounding up to two decimal places gives you a markup percentage range between 7.4% and 7.5%. This means that if you set your markup at or around these percentages, you would have at least a 50% chance of winning against the typical bidder.
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There is a compilation of past behavior in 15 bids of a typical contractor against you as a contractor. The mean and the standard deviation of the bid-to-total cost ratio (B/TC) is 1.07467 and 0.0630 respectively. Using normal distribution at what markup percentage there will be at least a 50% chance that you win the tender against the typical bidder? (round up to 2 decimal places)a)I swim laps, play tennis, the weight machines, and bicycle riding.b)I swim laps, play tennis, lift weights, and ride a bicycle.c)I swim laps, play tennis, lift weights, and bicycle riding is a change.d)swimming laps, tennis, lifting weights, and the bicycle.Correct answer is between '7.4,7.5'. Can you explain this answer?
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There is a compilation of past behavior in 15 bids of a typical contractor against you as a contractor. The mean and the standard deviation of the bid-to-total cost ratio (B/TC) is 1.07467 and 0.0630 respectively. Using normal distribution at what markup percentage there will be at least a 50% chance that you win the tender against the typical bidder? (round up to 2 decimal places)a)I swim laps, play tennis, the weight machines, and bicycle riding.b)I swim laps, play tennis, lift weights, and ride a bicycle.c)I swim laps, play tennis, lift weights, and bicycle riding is a change.d)swimming laps, tennis, lifting weights, and the bicycle.Correct answer is between '7.4,7.5'. Can you explain this answer? for Civil Engineering (CE) 2024 is part of Civil Engineering (CE) preparation. The Question and answers have been prepared according to the Civil Engineering (CE) exam syllabus. Information about There is a compilation of past behavior in 15 bids of a typical contractor against you as a contractor. The mean and the standard deviation of the bid-to-total cost ratio (B/TC) is 1.07467 and 0.0630 respectively. Using normal distribution at what markup percentage there will be at least a 50% chance that you win the tender against the typical bidder? (round up to 2 decimal places)a)I swim laps, play tennis, the weight machines, and bicycle riding.b)I swim laps, play tennis, lift weights, and ride a bicycle.c)I swim laps, play tennis, lift weights, and bicycle riding is a change.d)swimming laps, tennis, lifting weights, and the bicycle.Correct answer is between '7.4,7.5'. Can you explain this answer? covers all topics & solutions for Civil Engineering (CE) 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for There is a compilation of past behavior in 15 bids of a typical contractor against you as a contractor. The mean and the standard deviation of the bid-to-total cost ratio (B/TC) is 1.07467 and 0.0630 respectively. Using normal distribution at what markup percentage there will be at least a 50% chance that you win the tender against the typical bidder? (round up to 2 decimal places)a)I swim laps, play tennis, the weight machines, and bicycle riding.b)I swim laps, play tennis, lift weights, and ride a bicycle.c)I swim laps, play tennis, lift weights, and bicycle riding is a change.d)swimming laps, tennis, lifting weights, and the bicycle.Correct answer is between '7.4,7.5'. Can you explain this answer?.
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