A construction company has a bid on two large construction projects. The president believes that the chances of winning the first contract is 55% and the chances of winning the second contract is 30% and that winning either contract is independent of winning the other. What are the chances the company will not win either contract?
Contingency Table
A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.
Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
A construction company has a bid on two large construction projects. The president believes that the chances of winning the first contract is 55% and the chances of winning the second contract is 30% and that winning either contract is independent of winning the other. What are the chances the company will not win either contract?
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
