Bids
Company X has submitted bids on two contracts, successively.
The company believes that there is a 40% probability of winning the first contract. If the company wins the first contract, the probability of winning the second contract is 70%.
If the company loses the first contract, the probability of winning the second contract is 50%.
Question:What is the probability that the would win either contract?
I am unsure if the correct answer will be 0.42 or do we need to use the addition rule to solve this? Which method is correct?
Company X has submitted bids on two contracts, successively.
The company believes that there is a 40% probability of winning the first contract. If the company wins the first contract, the probability of winning the second contract is 70%.
If the company loses the first contract, the probability of winning the second contract is 50%.
Question:What is the probability that the would win either contract?
I am unsure if the correct answer will be 0.42 or do we need to use the addition rule to solve this? Which method is correct?
Last edited: