Question
In: Statistics and Probability
A consulting firm submitted a bid for a large research project. The firm's management initially felt...
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 80% of the successful bids and
40% of the unsuccessful bids the agency requested additional
information.
- What is the prior probability of the bid being successful (that
is, prior to the request for additional information)?
- What is the conditional probability of a request for additional
information given that the bid will ultimately be successful?
- Compute the posterior probability that the bid will be
successful given a request for additional information (to 2
decimals).
Solutions
orchestra answered 2 years agoRelated Solutions
A consulting firm submitted a bid for a large research project. The firm's management initially felt...
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 78% of the successful bids and
35% of the unsuccessful bids the agency requested additional
information.
a. What is the prior probability of the bid
being successful (that is, prior to the request for...
A consulting firm submitted a bid for a large research project. The firm’s management initially felt...
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 prior probability of the bid being successful
(that is, prior to the...
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Immediate Predecessor
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Most Likely
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