Given the probability of N unrelated events, each with different probabilities, what is the chance X number of outcomes occur?
Said specifically there are 8 unrelated contracts, what is the chance a company wins 1,2,3,4,5,6,7, and 8 of them?
P(Winning Contract1) = 70% P (Winning Contract 2) = 45% P(C3)= 30% P(C4)=50% P(C5)=55% P(C6)=610% P(C7)=2% P(C8)= 2%
Since there are (I think?) 8 choose 4 or 70 possible ways to win 4 contracts, and you have to sum those probabilities.
P(Winning one contract; not necessarily contract 1, but either 1, or 2, or 3, 4, or..) = ? P (Winning two contracts) =? P (Winning three contracts) = ? P (Winning four contracts) = ? … P (Winning 8 contracts)?
Having a bit of trouble with this, help would be appreciated.