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A consulting firm has to make a decision concerning bidding

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A consulting firm has to make a decision concerning bidding on a major project that has a projected profit for the firm of $100,000. Engineers for the firm estimate that they have about a 20% chance of receiving the contract if all the work on the proposed bid is done in-house. An outside consultant could be hired to help prepare the bid, which would increase the probability of success in being awarded the contract to about 50%. The outside consultant would cost $20,000. Using a decision tree, determine what action the firm should take.

Reference no: EM13580600

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