Road pavers INc. is considering bidding on a county road construction project. RPI has estimated that the cost of this particular job would be $5 million. The cost of putting together a bid is estimated to be $50,000. The county also will receive four other bids on the project from competitors of RPI. Past Experience with these competitors suggests that each competitor's bid is most likely to be 20 percent one cost, but could be as low as 5 percent over as much as 40 percent over cost. Assume a triangular distribution for each of these bids.

a. Suppose that RPI bids $5.7 million on the project. Use RSPE to perform 1,000 trials of a computer simulation on a spreadsheet. What is the probability that RPI will win the bid? What is RP's mean profit

b Generate a parameter analysis report to consider eight possible bids between $5.3 million and $6 million and forecast RPI's mean profit. Which bid maximizes RPI"S mean profit?

c. Generate a trend chart for the eight bids considered in part b.

d. USE RSPE's solver to search for the bid that maximizes RPI's mean profit.