A government agency is putting a large project out for low bid. Bids are expected from ten contractors and will have a normal distribution with a mean of $3.3 million and a standard deviation of $0.27 million. Devise and implement a sampling experiment for estimating the distribution of the minimum bid and the expected value of the minimum bid. C Place "Mean" and "Std Dev" in column A in rows 1 and 2, respectively, and place their corresponding values in column B. Place the column headers "Bid 1", "Bid 2", and so on out to "Bid 10" in cells C1, D1, and so on out to L1, respectively. To generate random numbers for the first bid, in the cells in the "Bid 1" column, enter the formula =NORM.INV( $$) in the cells in column C below C1. To generate random numbers for the remaining bids, enter in the cells in columns D through L below row 1. To determine the winning bid for the bids in row 2, enter the column header "Winner" in cell M1, and enter the formula =MIN() in cell M2. Winners for other rows can be calculated using
