Develop a spreadsheet model to address the following scenario. Along with coming up with an analytically substantiated response, the premium here is to develop a clear and concise spreadsheet model that contains relevant information.

An information systems consultant is bidding on a project that involves some uncertainty. Based on past experience, if all went well (probability 0.1), the project would cost $1.2 million to complete. If moderate debugging were required (probability 0.7), the project would probably cost $1.4 million. If major problems were encountered (probability 0.2), the project could cost $1.8 million. Assume that the consultant is bidding competitively and the expectation of successfully gaining the job at a bid of $2.2 million is 0, at $2.1 million is 0.1, at $2.0 million is 0.2, at $1.9 million is 0.3, at $1.8 million is 0.5, at $1.7 million is 0.8, and at $1.6 million is practically certain.

1. Calculate the expected value for the given bids. Provide your response below this question in RED font.

2. What is the best bidding decision? Provide your response below this question in RED font.