Within the past 20 yr, a construction company has been consistently bidding on five jobs every year.
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Question:
Within the past 20 yr, a construction company has been consistently bidding on five jobs every year. The company's performance shows that it was successful to win 29 jobs in the 20-yr period.
(a) Based on data provided, what is the probability of winning any job per year?
(b) The company is bidding on five jobs this year; what is the probability that it will win all five jobs?
(c) Repeat (b) but compute the probability that the company will only win one job.
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