Background A bidding scenario is a significant analytical challenge that presents itself in an array of industries, particularly those in which firms compete to win large value projects on value/price. The following problem is from the perspective of a construction company, but the framework can easily be extended to many project types, such as: consulting, advisory, professional services (PR, advertising, outsourced marketing), tech development, etc. The Miller Construction Company is trying to decide whether to make a bid on a construction project. It will cost the company $10,000 to complete the project (if it performs the job), and $350 to prepare a bid. There are four potential competitors against Miller, and we'd like to simulate each competitor's bid. Consider each bid as a multiple of the $10k cost basis, and assume that our expectation of competitor bids is most likely 1.3X cost, and no less or more than 0.9X and 2.5%, respectively. The lowest bid will win the contract, and the winner will then be given the winning bid amount to complete the project. QUESTION 1 1. Should Miller Construction Company bid for the project? If so, why and how much? (Enter a bid value of zero to represent "no bid") QUESTION 2 2. How much should MCC expect to earn in profit? QUESTION 3 3. Do your decisions change if an additional competitor enters? How? For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). Paragraph Arial ch 10pt !!! A TE