A building contractor is preparing a bid on a new construction project. Two other contractors will be submitting bids for the same project. Based on past bidding practices, bids from the other contractors can be described by the following probability distributions: Contractor Probability Distribution of Bid A Uniform probability distribution between $580,000 and $780,000 B Normal probability distribution with a mean bid of $680,000 and a standard deviation of $48,000 If required, round your answers to three decimal places. A. If the building contractor submits a bid of $730,000, what is the probability that the building contractor will obtain the bid? Use an Excel worksheet to simulate 1,000 trials of the contract bidding process. The probability of winning the bid of $730,000 = B. The building contractor is also considering bids of 755,000 and $765,000. If the building contractor would like to bid such that the probability of winning the bid is about 0.6, what bid would you recommend? Repeat the simulation process with bids of $755,000 and $765,000 to justify your recommendation. The probability of winning the bid of $755,000 = The probability of winning the bid of $765,000 = C. The reccomendation would be to choose the bid of $ Expert Answer ExpertStats's Avatar ExpertStats answered thisWas this answer helpful? 0 2 2,057 answers Comment Practice with similar questions Q: A building contractor is preparing a bid on a new construction project. Two other contractors will be submitting bids for the same project. Based on past bidding practices, bids from the other contractors can be described by the following probability distributions: Contractor Probability Distribution of Bid A Uniform probability distribution between $570,000 and $770,000 B... A: See answer 100% (1 rating) Q: A building contractor is preparing a bid on a new construction project. Two other contractors will be submitting bids for the same project. Based on past bidding practices, bids from the other contractors can be described by the following probability distributions: Contractor Probability Distribution of Bid A Uniform probability distribution between $590,000 and $790,000 B... A: See answer Show more Up next for you in Statistics and Probability Please state what exactly the answer is in the format given and how you get it, thanks. Also, pls consider the answer on the question if it helps, the cross means wrong, tick means correct. the excel worksheet mentioned below can be found here. https:// See answer Jonah Arkfeld, a building contractor, is preparing a bid on a new construction project. Two other contractors will be submitting bids for the same project. Jonah has analyzed past bidding practices and the requirements of the pr See answer See more questions for subjects you study Questions viewed by other students Q: A building contractor is preparing a bid on a new construction project. Two other contractors will be submitting bids for the same project. Based on past bidding practices, bids from the other contractors can be described by the following probability distributions: I was able to create the simulation but my probabilities keep coming up incorrect (0.04, 0.01, 0.01). Please provide an... A: See answer Q: A building contractor is preparing a bid on a new construction project. Two other contractors will be submitting bids for the same project. Based on past bidding practices, bids from the other contractors can be described by the following probability distributions: Contractor Probability Distribution of Bid A Uniform probability distribution between $540,000 and $740,000 B... A: See answer Show more Post a question Answers from our experts for your tough homework questions.