Question: Strom Construction made a bid on two contracts. The owner identified the possible outcomes and subjectively assigned the following probabilities. a. Are these valid probability

Strom Construction made a bid on two contracts. The owner identified the possible outcomes and subjectively assigned the following probabilities.

Strom Construction made a bid on two contracts. The owner

a. Are these valid probability assignments? Why or why not?
b. If not, what would have to be done to make the probability assignmentsvalid?

Experimental Outcome Obtain Contract 1 Yes Yes No No Obtain Contract 2 Yes No Yes No Probability 0.15 0.15 0.30 0.25 4

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