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?

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Solution

Let the probability of C winning be p.
Then the probability of B winning = 3p.
The probability of A winning = 6p.
We know that the sum of probabilities is 1. That is,
p + 3p + 6p = 10p = 1
Thus, P (A) = 0.6
P (B) = 0.3
P (C) = 0.1

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Preliminary Contracts are

(a) binding the company

(b) binding on the company, if ratified after incorporation

(d) not binding on the company

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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?

Let the probability of C winning be p. Then the probability of B winning = 3p. The probability of A winning = 6p. We know that the sum of probabilities is 1. That is, p + 3p + 6p = 10p = 1 Thus, P (A) = 0.6 P (B) = 0.3 P (C) = 0.1

Let the probability of C winning be p.
Then the probability of B winning = 3p.
The probability of A winning = 6p.
We know that the sum of probabilities is 1. That is,
p + 3p + 6p = 10p = 1
Thus, P (A) = 0.6
P (B) = 0.3
P (C) = 0.1