Mean-variance and standard deviation of contract

Reference no: EM13103262

A company is bidding on three contracts with values of $20 million, $80 million and $50 million with corresponding win probabilities of ½ ¼ and ¾.

a) Determine and plot the probability mass function and probability distribution function of the contract award amount (in millions of dollars).

b) What is the probability of being awarded at least $100 million?

c) What is the mean, variance & standard deviation of contract award amount (in millions of dollars)?

Reference no: EM13103262

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