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The Rogers Construction Company 4 competitors. The lowest bid will win the contract and be paid the amount they bid. It believes it will cost the company £10,000 to complete the project (if it wins the contract) and £350 to prepare the bid. Based on historical data, Rogers believes each competitor's bid has a normal distribution with mean £15,000 and standard deviation £1,500. trying to decide whether to make a bid on a project against a) Set up a simulation model to help the company make the decision of how much to bid. b) Discuss on the obtained results and make suggestions. For example, what if the competitor's bid has different distributions?

The Rogers Construction Company 4 competitors. The lowest bid will win the contract and be paid the amount they bid. It believes it will cost the company £10,000 to complete the project (if it wins the contract) and £350 to prepare the bid. Based on historical data, Rogers believes each competitor's bid has a normal distribution with mean £15,000 and standard deviation £1,500. trying to decide whether to make a bid on a project against a) Set up a simulation model to help the company make the decision of how much to bid. b) Discuss on the obtained results and make suggestions. For example, what if the competitor's bid has different distributions?

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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The Rogers Construction Company 4 competitors. The lowest bid will win the contract and be paid the amount they bid. It believes it will cost the company £10,000 to complete the project (if it wins the contract) and £350 to prepare the bid. Based on historical data, Rogers believes each competitor's bid has a normal distribution with mean £15,000 and standard deviation £1,500. trying to decide whether to make a bid on a project against a) Set up a simulation model to help the company make the decision of how much to bid. b) Discuss on the obtained results and make suggestions. For example, what if the competitor's bid has different distributions?
Transcribed Image Text:The Rogers Construction Company 4 competitors. The lowest bid will win the contract and be paid the amount they bid. It believes it will cost the company £10,000 to complete the project (if it wins the contract) and £350 to prepare the bid. Based on historical data, Rogers believes each competitor's bid has a normal distribution with mean £15,000 and standard deviation £1,500. trying to decide whether to make a bid on a project against a) Set up a simulation model to help the company make the decision of how much to bid. b) Discuss on the obtained results and make suggestions. For example, what if the competitor's bid has different distributions?
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