Hi-Plains Design is bidding on a project that will earn the company at least $650 million.The competitive bidding process will involve presenting the company's proposal to three successive review panels at the client company, all of which must approve the proposal for Hi-Plains bid to be successful.If the proposal is approved by the first panel, Hi-Plains will present the proposal to the next panel.If it is approved there, Hi-Plains will present the proposal to the third panel.Hi-Plains estimates that its proposal has a 40% chance of approval at each of the stages.Define "number of Hi-Plains presentations" as your random variable for this "experiment." The possible values for the random variable (in ascending order) are:
A)0,1,2,3
B)1,2,3
C)0,1,2,3,4
D)1,2,3,4
E)0,1

Question

Quizplus · Accepted Answer

The random variable "number of Hi-Plains presentations" can take values 1, 2, or 3, corresponding to the number of panels the proposal is presented to before either being rejected or fully approved.

Hi-Plains Design Is Bidding on a Project That Will Earn