A consulting firm submitted a bid for a large research project. The firm's management initially felt they had a 50-50 chance of getting the project. However, the agency to which the bid was submitted subsequently requested additional information on the bid. Past experience indicates that for 75% of the successful bids and 40% of the unsuccessful bids the agency requested additional information. a) What is the conditional probability of a request for additional information given that the bid will ultimately be successful? b) Compute the posterior probability that the bid will be successful
A consulting firm submitted a bid for a large research project. The firm's management initially felt they had a 50-50 chance of getting the project. However, the agency to which the bid was submitted subsequently requested additional information on the bid. Past experience indicates that for 75% of the successful bids and 40% of the unsuccessful bids the agency requested additional information. a) What is the conditional probability of a request for additional information given that the bid will ultimately be successful? b) Compute the posterior probability that the bid will be successful
Holt Mcdougal Larson Pre-algebra: Student Edition 2012
1st Edition
ISBN:9780547587776
Author:HOLT MCDOUGAL
Publisher:HOLT MCDOUGAL
Chapter11: Data Analysis And Probability
Section11.8: Probabilities Of Disjoint And Overlapping Events
Problem 2C
Question
A consulting firm submitted a bid for a large research project. The firm's management initially felt they had a 50-50 chance of getting the project.
However, the agency to which the bid was submitted subsequently requested additional information on the bid. Past experience indicates that for 75% of the successful bids and 40% of the unsuccessful bids the agency requested additional information. a)
What is the conditional probability of a request for additional information given that the bid will ultimately be successful?
b)
Compute the posterior probability that the bid will be successful
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