A government agency is putting a large project out for low bid. Bids are expected from ten contractors and will have a normal distribution with a mean of $3.4 million and a standard deviation of $0.25 million. Devise and implement a sampling experiment for estimating the distribution of the minimum bid and the expected value of the minimum bid. Place "Mean" and "Std Dev" in column A in rows 1 and 2, respectively, and place their corresponding values in column B. Place the column headers "Bid 1", "Bid 2", and so on out to "Bid 10" in cells C1, D1, and so on out to L1, respectively. To generate random numbers for the first bid, in the cells the "Bid 1" column, enter the formula =NORM.INV( generate random numbers for the remaining bids, enter ▼.$$$$) in the cells in column C below C1. To in the cells in columns D through L below row 1. To determine the winning bid for the bids in row 2, enter the column header "Winner" in cell M1, and enter the formula =MIN() in cell M2. Winners for other rows can be calculated using
A government agency is putting a large project out for low bid. Bids are expected from ten contractors and will have a normal distribution with a mean of $3.4 million and a standard deviation of $0.25 million. Devise and implement a sampling experiment for estimating the distribution of the minimum bid and the expected value of the minimum bid. Place "Mean" and "Std Dev" in column A in rows 1 and 2, respectively, and place their corresponding values in column B. Place the column headers "Bid 1", "Bid 2", and so on out to "Bid 10" in cells C1, D1, and so on out to L1, respectively. To generate random numbers for the first bid, in the cells the "Bid 1" column, enter the formula =NORM.INV( generate random numbers for the remaining bids, enter ▼.$$$$) in the cells in column C below C1. To in the cells in columns D through L below row 1. To determine the winning bid for the bids in row 2, enter the column header "Winner" in cell M1, and enter the formula =MIN() in cell M2. Winners for other rows can be calculated using
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section10.5: Comparing Sets Of Data
Problem 13PPS
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Transcribed Image Text:A government agency is putting a large project out for low bid. Bids are expected from ten contractors and will have a normal distribution with a mean of $3.4 million and a standard deviation of $0.25 million.
Devise and implement a sampling experiment for estimating the distribution of the minimum bid and the expected value of the minimum bid.
Place "Mean" and "Std Dev" in column A in rows 1 and 2, respectively, and place their corresponding values in column B. Place the column headers "Bid 1", "Bid 2", and so on out to "Bid 10" in cells C1, D1, and
so on out to L1, respectively. To generate random numbers for the first bid, in the cells in the "Bid 1" column, enter the formula =NORM.INV(
generate random numbers for the remaining bids, enter
‚$$,$$) in the cells in column C below C1. To
the winning bid for the bids in row 2, enter the column header "Winner" in cell M1, and enter the formula =MIN() in cell M2. Winners for other rows can be calculated using
in the cells in columns D through L below row 1. To determine
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