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

Whether or not to submit a bid (yes/no)

The amount of the company’s bid

The number of competitors bidding on the project

The amount of each competitor’s bid

The cost of completing the project

The company’s profit or loss

Classify each of these variables as a decision variable, an uncontrollable variable, or a result variable, explaining your reasoning for each classification.

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Operation Management, Management Studies

Category:- Operation Management
Reference No.:- M93135677

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