Based on past experience, a building contractor sets the
1 answer:
Based on the cost of the contract and the probability to win it, the total expected value of the contract proposal is -$2500.
<h3>How to calculate the expected value of a contract proposal?</h3>
The general formula to calculate the expected value is:
- Expected value: possibility of winnind the contract x the amount when winning - possibility of loing the contract x possible loss
- Possibility of winning the contract= 0.10
- Possibility of losing the contract = 0.90
- Gain: $65000
- Loss: $10000
<h3>What is the expected value of the contract?</h3>
- Expected value: 0.10 x 65000 - 0.90 x 10000
- Expected value: 6500 - 9000
- Expected value: -$2500
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Answer:
12
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