Question

I need to know how to break this scenario down for probability questions..

After reading a recent report revealing that workplace diversity can improve the development of ideas, Quantitative Industrial (QI) decides to hire 2 recent graduates to have a better age-profile in its workforce. They interview many candidates but have settled on 5 finalists for the position. They have ranked their choices from 1 to 5. Unbeknownst to them, each finalist has a certain probability of accepting their offer of $60,000 as the starting salary: Candidate 1 -- 25% Candidate 2 -- 50% Candidate 3 -- 10% Candidate 4 -- 0% or 100% if candidate 5 is also hired (think about this as a conditional probability) Candidate 5 -- 50%

Answer 1

Answer:-

Given that:-

I need to know how to break this scenario down for probability questions..

After reading a recent report revealing that workplace diversity can improve the development of ideas, Quantitative Industrial (QI) decides to hire 2 recent graduates to have a better age-profile in its workforce. They interview many candidates but have settled on 5 finalists for the position. They have ranked their choices from 1 to 5. Unbeknownst to them, each finalist has a certain probability of accepting their offer of $60,000 as the starting salary:

Candidate 1 -- 25%

Candidate 2 -- 50%

Candidate 3 -- 10%

Candidate 4 -- 0% or 100% if candidate 5 is also hired (think about this as a conditional probability)

Candidate 5 -- 50%

Since candidate 4 would only accept the offer if, candidate 5 is also selected i.e., also selected i.e., two select 2 people successfully here if 1,2,3 reject the offer we must select two candidates .

But if only candidate is selected, then candidate 4 is out of the picture So probability of successful hiring changes.

Previously if probability of candidate 4 was 0 or 1 , now it becomes 0.