6. A consulting firm submitted a bid for a large consulting contract. The firm'smanagement felt bid had a 50-50 chance of landing the project. However, the agencyto which the bid was submitted subsequently asked for additional information. Pastexperience indicates that that for 75% of successful bids and 40% of unsuccessfulbids the agency asked for additional information.a. What is the prior probability of the bid being successful (that is, prior tothe request for additional information).b.What is the conditional probability of a request for additional informationgiven that the bid will be ultimately successful?c.d. Compute the posterior probabilities using Tabular Approach to Bayes'TheoremCompute the posterior probability that the bid will be successful given arequest for additional information.314

A consulting firm submitted a bid for a large research project. The firm's management initially felt…

Answered: 3. A consulting firm submitted a bid…

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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A study reports that 36% of companies in Country A have three or more female board directors. Suppose you select a random sample of 100 respondents. Complete parts (a) through a. What is the probability that the sample will have between 29% and 37% of companies in Country A that have three or more female board directors? The probability is (Round to four decimal places as needed.) b. The probability is 60% that the sample percentage of Country A companies having three or more female board directors will be contained within what symmetrical limits of the population The probability is 60% that the sample percentage will be contained above (Round to one decimal place as needed.) % and below %. c. The probability is 99.7% that the sample percentage of Country A companies having three or more female board directors will be contained within what symmetrical limits of the population The probability is 99.7% that the sample percentage will be contained above % and below (Round to one decimal…
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 42% 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 additional information) (to 1 decimal)? b. What is the conditional probability of a request for additional information given that the bid will ultimately be successful (to 2 decimals)? c. Compute the posterior probability that the bid will be successful given a request for additional information (to 2 decimals).
A regional automobile dealership sent out fliers to prospective customers indicating that they had already won one of three different prizes: an automobile valued at $30,000, a $125 gas card, or a $5 shopping card. To claim his or her prize, a prospective customer needed to present the flier at the dealership's showroom. The fine print on the back of the flier listed the probabilities of winning. The chance of winning the car was 1 out of 31,729, the chance of winning the gas card was 1 out of 31,729, and the chance of winning the shopping card was 31,727 out of 31,729. Complete parts (a) through (d). a. How many fliers do you think the automobile dealership sent out? Assume there is one car and one gas card available. 31729 fliers C b. Using your answer to (a) and the probabilities listed on the flier, what is the expected value of the prize won by a prospective customer receiving a flier? H=$5.95 (Round to the nearest cent as needed.) c. Using your answer to (a) and the probabilities…
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 reguested additional information on the bid. Past experience indicates that for 71% of the successful bids and 37% of the unsuccessful bids the agency requested additional information. I What is the prior probability of the bid being successful (that is, prior to the request for additional information)? I What is the conditional probability of a request for additional information given that the bid will ultimately be successful? 1 Compute the posterior probability that the bid will be successful given a request for additional information (to 2 decimals).
(This is a introduction to statistics course) From past records, a department store finds that 70% of the people who enter the store will make a purchase on Black Friday. Suppose that 3 customers are randomly selected at the store, answer the following questions: 1) What is the chance that exactly one out of three customers make a purchase? Give your answer (%) rounded to one decimal place. (For example, if your answer is 0.5125 (51.25%), then it will be 51.3% after being rounded to one decimal place.) 2) Explain clearly.
1. Researchers are interested in the relationship between vaping and upper respiratory infections. Suppose that 15% of their population of interest has vaped in the past year and 25% have had an upper respiratory infection in the past year. In addition, they know that 10% have both vaped and had an upper respiratory infection in the past year. What percent of the population has neither vaped nor had an upper respiratory infection in the past year? b. What is the probability of having an upper respiratory infection in the past year given that the person has vaped in the past year? What is the complement of the event in part b)? Be sure to interpret this probability in the context of the problem. a. C. d. What is the probability of having an upper respiratory infection in the past year given that the person has not vaped in the past year? Are the two events independent? Be sure to justify your answer. Based on your calculations what can you conclude about the relationship between vaping…
Suppose that 30 percent of an adult population have an infectious disease and 40 percent have achronic disease. Assume that having an infectious disease is independent from having a chronicdisease. For each of the questions below perform the calculation using appropriate statisticalnotation.a. What is the probability that a person selected at random will have both diseases?b. What is the probability of having the infectious disease for people with the chronic disease?c. What is the probability of having the infectious disease for people without the chronic disease?d. What is the probability of not having the infectious disease for people with the chronicdisease?
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 45% 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).

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