Image caption 1. It is January 1, 2016 and Hi-Plains Design is bidding on a project that
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
1. It is January 1, 2016 and Hi-Plains Design is bidding on a project that will earn the company at least $650 million. The competitive bidding process will involve presenting the company's proposal to three successive review panels at the client company, all of which must approve the proposal for Hi-Plains' bid to be successful. The first review panel will meet on March 3, 2016 in Southern California and is comprised of engineers and regulators. The second panel will meet in Chicago on March 15, 2016 and the first cousin of the owner of Hi-Plains Design works in the same building and on the same floor where the meeting is to be held. It is unclear when the third panel meeting will be held but it will be in the same location as the second meeting. If the proposal is approved by the first panel, Hi-Plains will present the proposal to the next panel. If it is approved there, Hi-Plains will present the proposal to the third panel. Hi-Plains estimates that its proposal has a 40% chance of approval at each of the stages. The owner wants to call his cousin. x 0 1 (1) P(x) 054 946 a. b. 0 1 C. d. e. (2) P(x) 044 956 0 1 (3) P(x) 069 931 x Distribution 1 Distribution 2 Distribution 3. Distribution 4 None of the above listed distributions lo 1 (4) If you define "number of panels that fail to approve" as the random variable x, which distribution below shows the proper probability distribution for this random variable? P(x) 064 936 Questions 2 and 3 are based on these facts. Bobby Mae Hasbrook Huffelpuffer is one top sales people at "You Want It We Got It, Inc." Ms. Hufflepufer intends to visit three prospects today. She will visit Prospects 1, 2 and 3 in order, but does not know what time of the day. Visiting during lunch-time can be problematic because she Ms. Huffelpuffer knows that many people leave the office to get their food. She would also prefer not to visit right after lunch because she knows some people may be sleepy and unable to pay close attention to what she has to say. Visiting at the end of the day can also be an issue because people are always in a rush to leave and she has to pick up her twins from daycare at 5:30 PM across town. Ms. Huffelpuffer estimates that the chance of making a sale on the visit with Prospect 1 is about 30%. The visit with Prospect 2 has about a 40% chance of resulting in a sale and she hopes the prospect is not eating lunch. The visit with Prospect 3 has about 50% more of a chance of making a sale than the chance with Prospect I because Ms. Hufflepuffer knows the receptionist very well. The visits are independent and the company's new MBA just told Ms. Huffelpuffer that based on her records of prior prospect visits there is a correlation between the length of the visit and likelihood of a sale. 1. It is January 1, 2016 and Hi-Plains Design is bidding on a project that will earn the company at least $650 million. The competitive bidding process will involve presenting the company's proposal to three successive review panels at the client company, all of which must approve the proposal for Hi-Plains' bid to be successful. The first review panel will meet on March 3, 2016 in Southern California and is comprised of engineers and regulators. The second panel will meet in Chicago on March 15, 2016 and the first cousin of the owner of Hi-Plains Design works in the same building and on the same floor where the meeting is to be held. It is unclear when the third panel meeting will be held but it will be in the same location as the second meeting. If the proposal is approved by the first panel, Hi-Plains will present the proposal to the next panel. If it is approved there, Hi-Plains will present the proposal to the third panel. Hi-Plains estimates that its proposal has a 40% chance of approval at each of the stages. The owner wants to call his cousin. x 0 1 (1) P(x) 054 946 a. b. 0 1 C. d. e. (2) P(x) 044 956 0 1 (3) P(x) 069 931 x Distribution 1 Distribution 2 Distribution 3. Distribution 4 None of the above listed distributions lo 1 (4) If you define "number of panels that fail to approve" as the random variable x, which distribution below shows the proper probability distribution for this random variable? P(x) 064 936 Questions 2 and 3 are based on these facts. Bobby Mae Hasbrook Huffelpuffer is one top sales people at "You Want It We Got It, Inc." Ms. Hufflepufer intends to visit three prospects today. She will visit Prospects 1, 2 and 3 in order, but does not know what time of the day. Visiting during lunch-time can be problematic because she Ms. Huffelpuffer knows that many people leave the office to get their food. She would also prefer not to visit right after lunch because she knows some people may be sleepy and unable to pay close attention to what she has to say. Visiting at the end of the day can also be an issue because people are always in a rush to leave and she has to pick up her twins from daycare at 5:30 PM across town. Ms. Huffelpuffer estimates that the chance of making a sale on the visit with Prospect 1 is about 30%. The visit with Prospect 2 has about a 40% chance of resulting in a sale and she hopes the prospect is not eating lunch. The visit with Prospect 3 has about 50% more of a chance of making a sale than the chance with Prospect I because Ms. Hufflepuffer knows the receptionist very well. The visits are independent and the company's new MBA just told Ms. Huffelpuffer that based on her records of prior prospect visits there is a correlation between the length of the visit and likelihood of a sale.
Expert Answer:
Answer rating: 100% (QA)
Answer 1 The proper probability distribution for the random variable number of panels that fail to approve is Distribution 2 This distribution is represented by a binomial distribution where the proba... View the full answer
Related Book For
Business Analytics Methods Models and Decisions
ISBN: 978-0321997821
2nd edition
Authors: James R. Evans
Posted Date:
Students also viewed these finance questions
-
A construction company is bidding on a project and has asked you to conduct an EXCEL spreadsheet Monte Carlo simulation to determine an estimate of how long the work will take as part of its bid...
-
An information system consultant is bidding on a project that involves some uncertainty. Based on past experience, if all went well (probability 0.1), the project would cost $ 1.2 million to...
-
The Green Fiddle is considering a project that will produce sales of $87,000 a year for the next four years. The profit margin is 6 percent, the project cost is $96,000, and depreciation is...
-
Compute the determinant below. 14 8 8 8 51 1000 8 7 3 0 0 0 8 8 8 8 8 2
-
On January 1, 2016, Curran Manufacturing Corporation (CMC) agreed to lease a piece of heavy equipment to Oates Products, Inc. CMC paid $ 900,000 to manufacture the machine and carries it at this...
-
In the discussion of elasticity and raising and lowering prices, the text states that if you have an elastic demand, you should hesitate to raise your price, and that lowering price can possibly...
-
Describe the mediation process.
-
Pat Colt is auditing the financial statements of Manning Company. The following is a summary of the uncorrected misstatements that Colt has identified during the last three years. These misstatements...
-
Futures can be used as a risk managing tool. Discuss the above statement. You are required to support your discussion with relevant examples. (12 marks)
-
Olathe Company exchanges old delivery equipment for new delivery equipment. The book value of the old delivery equipment is $31,000 (cost $61,000 less accumulated depreciation $30,000). Its fair...
-
Sophia is also responsible for accounting for HHEC.coms payroll. Over the past year, HHEC.com has doubled its workforce. As a result, Sophia wants to make sure that she is deducting the appropriate...
-
Sakelaris Corporation makes a product with the following standard costs: Direct materials Standard Quantity or Hours 8.6 kilos 0.4 hours Standard Price or Rate $ 6.00 per kilo $ 11.00 per hour $5.00...
-
Tiger Corp issued bonds at 9 8 with a $ 1 0 , 0 0 0 , 0 0 0 par value in 2 0 1 7 . In 2 0 2 2 , Tiger calls the entire issue at 1 0 1 and redeems it . Immediately prior to the redemption of these...
-
The following information is provided for the first month of operations for Legal Services Inc.: Prepare a T-accounts to reflect the following business transaction: The Company purchased $250 worth...
-
1) Sketch the magnitude and phase of the asymptotic Bode plot for transfer function: 1 L(s) = s (s + 2) Provide justification for the different components in the sketch. (24 points) 2) Confirm your...
-
Theresa and Oliver, married filing jointly. Theresa is 5 9 years old; Oliver is 6 9 , and has deferred taking his social security of $ 4 , 2 0 0 monthly until he hits age 7 0 next year. He still...
-
Rosh Corporation is planning to issue bonds with a face value of $840,000 and a coupon rate of 6 percent. The bonds mature in four years and pay interest semiannually every June 30 and December 31....
-
Chris Zulliger was a chef at the Plaza Restaurant in the Snowbird Ski Resort in Utah. The restaurant is located at the base of a mountain. As a chef for the Plaza, Zulliger was instructed by his...
-
Create a new worksheet in the Retirement Portfolio workbook. In this worksheet, add a list box form control to allow the user to select one of the mutual funds on the original worksheet, and display...
-
Cady Industries produces custom induction motors for specific customer applications. Each motor can be configured from different options for horsepower, the driveshaft forming process, spider bar...
-
Create a PivotTable for the data in the Excel file Weddings to analyze the wedding cost by type of payor and value rating. What conclusions do you reach?
-
The duties of a nozzle and a diffuser are (a) Opposite to each other (b) Identical to each other (c) Not comparable at all (d) None of these.
-
Nozzles and diffusers are widely used in (a) Heat exchangers (b) Refrigeration systems (c) Rockets and other space vehicles (d) None of these.
-
1 ton of refrigeration is equivalent to (a) \(3.517 \mathrm{~kW}\) (b) \(4.202 \mathrm{~kW}\) (c) \(250 \mathrm{kcal} / \mathrm{min}\) (d) \(50000 \mathrm{kcal} / \mathrm{min}\).
Study smarter with the SolutionInn App