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.