A company is trying to decide whether to bid for a certain contract or not. They…

  1. One company wants to make a decision about whether it will bid on a specific project.
    Contract or no contract. The experts estimate that just preparing the bidding will suffice.
    Cost $10000. If their company submits a bid, they will estimate the cost.
    a 50% chance that their bid will be put on the “short-list;”
    Otherwise, their offer will be rejected. Once “short-listed” the
    Company will need to provide additional details (entailing).
    Costs estimated at $5000 Their bids will be accepted after this stage.
    accept or reject. According to the company, labor costs approximately
    The material cost associated with this contract is $127000 These costs are $127000.
    Consider three bid prices: $155000 and $170000
    of $190000. These estimates indicate that there is a high probability for these biddings to be accepted.
    Accepted (once they are shortlisted): 0.90, 0.75 and
    0.35, respectively. What can the company do?
    What is the expected value in monetary terms of your proposed course of action?
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