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You are an architectural engineer, and one of your responsibilities in this role is new business development: putting together bids for projects to help your
You are an architectural engineer, and one of your responsibilities in this role is new business development: putting together bids for projects to help your company get new business contracts. Historical data shows that your company is awarded the contracts on 30% of the bids that it submits. Assume that contracts are awarded in a way that is independent and identically distributed. This quarter, your company submitted 10 bids. You would like to know how many of these result in contracts. Use this information to answer the following questions. 5a - 1 (2 points) What is the random variable? 5b - 1 (2 points) What is the distribution of the random variable described in the problem above
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