A Law Firm Has Submitted Bids on Two Separate State

question 97

Short Answer

A law firm has submitted bids on two separate state contracts, A and B.The company feels that it has a 40% chance of winning contract A, and a 60% chance of winning contract B.Furthermore, the company believes that it has a 75% chance of winning contract B, given that it wins contract A. What is the probability that the firm will win neither contract?

---

Definitions:

Team Diversification

The process of ensuring a team comprises individuals with varied backgrounds, skills, and perspectives.

Groupthink

A psychological phenomenon that occurs within a group of people, where the desire for harmony or conformity results in an irrational or dysfunctional decision-making outcome.

Free-Riding

The act of taking advantage of others' efforts or contributions without offering one's own share or effort, particularly in a cooperative environment or group setting.

Groupthink

A psychological phenomenon that occurs within a group of people when the desire for harmony in decision-making results in an irrational or dysfunctional decision outcome.