Construction Bids ​

question 52

Short Answer

Construction Bids ​
A construction company has submitted bids on two separate state contracts,A and B.The company feels that it has a 60% chance of winning contract A,and a 50% chance of winning contract B.Furthermore,the company believes that it has an 80% chance of winning contract A if it wins contract B. ​ ​
-{Construction Bids Narrative} What is the probability that the company will win at most one of the two contracts?

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Definitions:

Negotiation

A dialogue between parties aimed at reaching a mutual agreement or resolving differences.

Mediation

A form of alternative dispute resolution where a neutral third party helps the disputing parties reach a mutually satisfactory agreement.

Arbitration

A method of dispute resolution where an impartial third party makes a binding decision to resolve a conflict outside of court.

Deposition

A sworn, out-of-court oral testimony of a witness that is used for gathering information as part of the discovery process and, in limited circumstances, as testimony at trial.