Contractor X is developing his bidding strategy against Contractor Y. The ratio of Y's bid price to X's cost for the 30 previous bids in which Contractor X has competed against Contractor Y is given in the Table

Ration of Y’s bid Price of X’s cost
Number of bids

1.02
6

1.04
12

1.06
3

1.10
6

1.12
3

Based on the bidding behaviour of the Contractor Y, the probability of winning against Contractor Y at a mark up of 8% for the next project is

Question

Ration of Y’s bid Price of X’s cost	Number of bids
1.02	6
1.04	12
1.06	3
1.10	6
1.12	3

Examsnet · Accepted Answer

Correct Answer is : more than 0% but less than 50%

GATE Civil Engineering (CE) 2021 Shift 1 Solved Paper