Contractor X is developing his bidding strategyagainst contractor Y. The ratio of Y's bid price toX's cost for the 30 previous bids in which contractorX has competed against contractor Y is given inthe Table.Ratio of Y's bidNumber of bidsPrice of X's cost1.026.1.04121.063.1.106.1.123Based on the bidding behaviour of the contractorY, the probability of winning against contractor Yat a mark up of 8% for the next project is

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Contractor X is developing his bidding strategy against contractor Y. The ratio of Y's bid price to X's cost for the 30 previous bids in which contractor X has competed against contractor Y is given in the Table.

Contractor X is developing his bidding strategy against contractor Y. The ratio of Y's bid price to X's cost for the 30 previous bids in which contractor X has competed against contractor Y is given in the Table.

Fundamentals Of Construction Estimating

4th Edition

ISBN:9781337399395

Author:Pratt, David J.

Publisher:Pratt, David J.

Chapter13: Pricing Subcontractors' Work

Section: Chapter Questions

Problem 1RQ

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Concept explainers

Bid Package

A bid package is a set of all documents, often known as bid documents necessary to be submitted by a general contractor before participating in a competitive construction bid to receive tender of execution of any construction project.

Question

Contractor X is developing his bidding strategy
against contractor Y. The ratio of Y's bid price to
X's cost for the 30 previous bids in which contractor
X has competed against contractor Y is given in
the Table.
Ratio of Y's bid
Number of bids
Price of X's cost
1.02
6.
1.04
12
1.06
3.
1.10
6.
1.12
3
Based on the bidding behaviour of the contractor
Y, the probability of winning against contractor Y
at a mark up of 8% for the next project is

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