Monte Carlo Experiment
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1. A government agency is putting a large project out for low bid. Bids are expected from 10 different contractors and will have a normal distribution with a mean of $3.5 million and a standard deviation of $0.25 million. Devise and implement a Monte Carlo experiment for estimating the distribution of the minimum bid and the expected value of the minimum bid.
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Solution Summary
The expert examines the Monte Carlo experiment.
Education
- BE, Bangalore University, India
- MS, University of Wisconsin-Madison
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