You are in process of evaluating and selecting one of two contractors for a project that...

 

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You are in process of evaluating and selecting one of two contractors for a project that includes a penalty of $1,000 for everyday delay. Below are the main details: First contractor: new with bid value is $110,000. There is a 50% chance that this contractor will be 90 days late. Second contractor: worked with before and gave a bid of $140,000. There is a 10% chance of being by 30 days late. Which would you select and why? 27 You are in process of evaluating and selecting one of two contractors for a project that includes a penalty of $1,000 for everyday delay. Below are the main details: First contractor: new with bid value is $110,000. There is a 50% chance that this contractor will be 90 days late. Second contractor: worked with before and gave a bid of $140,000. There is a 10% chance of being by 30 days late. Which would you select and why? 27

Answer rating: 100% (QA)

To make a decision on which contractor to select we need to analyze both the bid value and the proba... View the full answer