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10. During the 2017 year, Renzo Construction bid on 6 projects. The table below shows the details on how Renzo and its competitor bid on these projects and the results obtained. Renzo was awarded the contract on 3 of them (Projects number 66, 67 & 68) Bid Reports for the year of 2016 Proj Num$000$000 Company's Bid CostOverhead Lowest Competitor's Bid Competitors Bid $000 Bid Mark-up Position Mark-up Position 398 539 480 1370 7.03% 538 284 379 523 451 1390 547 293 10.87% 9. 17% 7.14% 8.52% 1 1.62% 12.74% 63 64 65 310 425 360 200 80 430 220 45 65 60 12.11% 10.0% 13.1% winner winne winner second second second 67 68 60 40 9.57% 9.5% won won won a. (5 points) Determine Renzo's total contract volume (in dollars) for the year 2017 b. (5 points) Determine Renzo's probability (in percent) of outbidding its competitor c. (5 points) Determine Renzo's probability (in percent) of outbidding its competitor when it applies a mark-up equal or lower to 10% d. (5 points) Assume the cost of preparing estimates and bidding each project is approximately 0.25% of the cost of the job. How much did Renzo spent (in dollars) in 2017 bidding on projects? e. (5 points) What is the average overhead cost (in dollars) on Renzo's projects? f. (5 points) On those jobs awarded to Renzo, what percentage of the Bid Amount was "left on the table" by Renzo? g. (5 points) Based on the above information, what recommendations would you give to Renzo to optimize its bidding strategy? 10. During the 2017 year, Renzo Construction bid on 6 projects. The table below shows the details on how Renzo and its competitor bid on these projects and the results obtained. Renzo was awarded the contract on 3 of them (Projects number 66, 67 & 68) Bid Reports for the year of 2016 Proj Num$000$000 Company's Bid CostOverhead Lowest Competitor's Bid Competitors Bid $000 Bid Mark-up Position Mark-up Position 398 539 480 1370 7.03% 538 284 379 523 451 1390 547 293 10.87% 9. 17% 7.14% 8.52% 1 1.62% 12.74% 63 64 65 310 425 360 200 80 430 220 45 65 60 12.11% 10.0% 13.1% winner winne winner second second second 67 68 60 40 9.57% 9.5% won won won a. (5 points) Determine Renzo's total contract volume (in dollars) for the year 2017 b. (5 points) Determine Renzo's probability (in percent) of outbidding its competitor c. (5 points) Determine Renzo's probability (in percent) of outbidding its competitor when it applies a mark-up equal or lower to 10% d. (5 points) Assume the cost of preparing estimates and bidding each project is approximately 0.25% of the cost of the job. How much did Renzo spent (in dollars) in 2017 bidding on projects? e. (5 points) What is the average overhead cost (in dollars) on Renzo's projects? f. (5 points) On those jobs awarded to Renzo, what percentage of the Bid Amount was "left on the table" by Renzo? g. (5 points) Based on the above information, what recommendations would you give to Renzo to optimize its bidding strategy