I have a requirement where few teams provide their particular prices at a bidding
The decision needs determined from the valid submissions:
Team-A $23.99
Team-B $25.25
Team-C $87.99
Team-D $45.00
Team-E $68.25
Team-F $53.35
Team-G $43.75
Team-H $43.75
Team-I $43.75
1) The 5th lowest team Rate;
2) The Median Rate + 5% Cost Differential; and
3) The Median Rate + One Standard Deviation
and pass all teams with Rates equal to or less than the greatest of these three calculations.
Please assist on how to calculate 1),2)&3) and accomplish this task.
The decision needs determined from the valid submissions:
Team-A $23.99
Team-B $25.25
Team-C $87.99
Team-D $45.00
Team-E $68.25
Team-F $53.35
Team-G $43.75
Team-H $43.75
Team-I $43.75
1) The 5th lowest team Rate;
2) The Median Rate + 5% Cost Differential; and
3) The Median Rate + One Standard Deviation
and pass all teams with Rates equal to or less than the greatest of these three calculations.
Please assist on how to calculate 1),2)&3) and accomplish this task.