When a construction company bids on a contract, the events will be win or lose. The closer the probability is to 0.50, the greater the uncertainty about whether the company will win or lose the bid.

Question

Quizplus · Accepted Answer

The probability of an event ranges from 0 to 1, where 0 means the event will not happen and 1 means it will definitely happen. A probability of 0.50 indicates maximum uncertainty, as it suggests an equal chance of winning or losing, making it impossible to predict the outcome with confidence.

When a Construction Company Bids on a Contract, the Events