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Contractor X is developing his biding strategy against Contactor Y. The ratio of Y's bid price to X's cost of the 30 previous bids in which contractor X has completed against Contractor Y is given in the table:
Based on the bidding behavior of Contractor Y, the probability of winning against Contractor Y at a mark up of 8% for the next project is
  • a)
    more than 50% but less than 100%
  • b)
    0%
  • c)
    more than 0% but less than 50%
  • d)
    100%
Correct answer is option 'C'. Can you explain this answer?
Most Upvoted Answer
Contractor X is developing his biding strategy against Contactor Y. T...
Mean = 1.058
Normal distribution of y's bidding
With markup of 8%, i.e. = 1.08
The shaded portion is the probability of Contractor X winning the contract over y which is less than 50%.
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Contractor X is developing his biding strategy against Contactor Y. The ratio of Y's bid price to X's cost of the 30 previous bids in which contractor X has completed against Contractor Y is given in the table:Based on the bidding behavior of Contractor Y, the probability of winning against Contractor Y at a mark up of 8% for the next project isa)more than 50% but less than 100%b)0%c)more than 0% but less than 50%d)100%Correct answer is option 'C'. Can you explain this answer?
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Contractor X is developing his biding strategy against Contactor Y. The ratio of Y's bid price to X's cost of the 30 previous bids in which contractor X has completed against Contractor Y is given in the table:Based on the bidding behavior of Contractor Y, the probability of winning against Contractor Y at a mark up of 8% for the next project isa)more than 50% but less than 100%b)0%c)more than 0% but less than 50%d)100%Correct answer is option 'C'. 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 Contractor X is developing his biding strategy against Contactor Y. The ratio of Y's bid price to X's cost of the 30 previous bids in which contractor X has completed against Contractor Y is given in the table:Based on the bidding behavior of Contractor Y, the probability of winning against Contractor Y at a mark up of 8% for the next project isa)more than 50% but less than 100%b)0%c)more than 0% but less than 50%d)100%Correct answer is option 'C'. 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 Contractor X is developing his biding strategy against Contactor Y. The ratio of Y's bid price to X's cost of the 30 previous bids in which contractor X has completed against Contractor Y is given in the table:Based on the bidding behavior of Contractor Y, the probability of winning against Contractor Y at a mark up of 8% for the next project isa)more than 50% but less than 100%b)0%c)more than 0% but less than 50%d)100%Correct answer is option 'C'. Can you explain this answer?.
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