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Engineering · Civil Engineering
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CVE0501 Cv Fngioering Sytems Spring 2019 Hw#2 Decision trees Problem A Adapted from Jewell (1986 A consulting fim has to make a decision concerning bidding on a major projoct that has a projected profit for the firm of S100,000. Fngineers for the firm estimate that they have about a 20% chance of receiving the contract is all the work on the proposed bid is done in-house. An outside consultant could be hired to help prepure the bid, which would increuse the probubility of success m being awarded the contract to about 50%. Ihe outside consultant would cost S2U000. I) Draw the complete decision tree with input values. 2) Work backward throughyur decision tree and calculate the expected monetary value at each of the decision and chance event nodes 3) What would you recommend the consultant firm do, prepare the bid in-house or hire a consultant to heln?

Civil Engineering System Analysis

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