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A construction company is creating a quantitative model for use in bidding on new projects. The...

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General Management

A construction company is creating a quantitative model for usein bidding on new projects. The company has identified thefollowing variables to include in the model.

•         Whether or not tosubmit a bid (yes/no)
•         The amount of thecompany’s bid
•         The number ofcompetitors bidding on the project
•         The amount ofeach competitor’s bid
•         The cost ofcompleting the project
•         The company’sprofit or loss

Classify each of these variables as a decision variable, anuncontrollable variable, or a result variable, explaining yourreasoning for each classification.

Answer & Explanation Solved by verified expert
3.7 Ratings (626 Votes)
1 Whether or not to submit a bid yesno Decision variable because it is under the purview of the company to go or not go for the bidding process hence a decision that the company needs    See Answer
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