The URS Construction Company Has Submitted Two Bids, One to Build

question 52

Multiple Choice

The URS construction company has submitted two bids, one to build a large hotel in London and the other to build a commercial office building in New York City. The company believes it has a 40% chance of winning the hotel bid and a 25% chance of winning the office building bid. The company also believes that winning the hotel bid is independent of winning the office building bid. What is the probability the company will lose both contracts?

• A) 0.55
• B) 0.45
• C) 0.10
• D) 0.75

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Definitions:

Locations Changed

Refers to the process or act of moving or altering the position or setting of something or someone.

Category Management

A retail and supply chain management strategy where products are grouped and managed as strategic business units, allowing for more focused merchandising and marketing efforts.

Agents

Representatives or intermediaries in business transactions who act on behalf of others in negotiating deals or making sales.

Brokers

Individuals or firms that act as intermediaries between buyers and sellers, facilitating transactions in exchange for a commission or fee.