Question

A construction company is considering submitting bids for two contracts. The company estimates that it has a 20\%20%20, percent chance of winning any given bid. Here is the probability distribution of x=x=x, equals the number of bids the company wins:.

Answer 1

Where the variance is 0.32, the mean is 0.40, and there are provided sets of probabilities, the standard deviation will be 0.566.

What is standard deviation?

The average degree of variability in your dataset is represented by the standard deviation. It reveals the average deviation of each statistic from the mean. In general, values with a high standard deviation are spread out from the mean, whereas those with a low standard deviation are grouped together close to the mean.

Here,

mean=0.4

variance=(Xn-mean)².P(x)n

=(0-0.4)²*(0.64)+(1-0.4)²*(0.32)+(2-0.4)²*0.04

variance=0.32

Standard deviation=√(variance)

=√0.32

=0.566

The standard deviation will be 0.566 where variance in 0.32 and mean is 0.40 and given sets of probability.

To know more about standard deviation,

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