Three companies are bidding on a contract. Company A is twice as likely to win as Company B, and Company B is three times as likely to win as Company C. What is the probability of each company winning the contract? [4 MARKS]

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Solution

Concept: 1 Mark
Steps: 2 Marks
Answer: 1 Mark

Let the probability of C winning be p.

Given, company B is three times as likely to win as Company C
So, the probability of B winning = 3(p) = 3p.

Given, Company A is twice as likely to win as Company B
Hence, the probability of A winning = 2(3p) = 6p.

We know that the sum of all probabilities of an event is 1.
Hence, p + 3p + 6p = 10p = 1
So, p = 0.1
Thus, P (C) = p = 0.1
P (A) = 6p = 0.6
P (B) = 3p = 0.3

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Preliminary Contracts are

(a) binding the company

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(d) not binding on the company

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