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Answer :
To maximise expected profit, the constructor should choose the job with the highest expected profit. Upon calculation of expected profits for both jobs, Job 1 yields a higher expected profit, thus is the better choice.
The subject of this problem revolves around the mathematical concept of expected value, which is used in probability theory.
To solve this, we will first calculate the expected profit for each job and then compare them to decide which one the constructor should choose to maximize his expected profit.
The expected value is calculated by multiplying each outcome by its probability of occurrence and adding those results together.
For Job 1, the expected profit is: (0.75*2,40000) - (0.25*60000) = Rs. 165000
For Job 2, the expected profit is: (0.5*3,60000) - (0.5*90000) = Rs. 135000
Since the expected profit for Job 1 is higher than Job 2, it would be the preferable choice if the constructor wants to maximise his expected profit.
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