A certain federal agency employs three consulting firms (A, B, and C) with probabilities 0.40, 0.35, and 0.25, respectively. From past experience it is known that the probability of cost overruns for the firms are 0.05, 0.03, and 0.15, respectively. Suppose a cost overrun is experienced by the agency. (a) What is the probability that the consulting firm involved is company C? (b) What is the probability that it is company A?

Q: An oil drilling company knows that it costs $65,000 to sink a test well. If oil is hit, the income…

A:

Q: Two methods, A and B, are available for teaching a certain industrial skill. The failure rate is 20%…

A: The failure rate is 20% for AP(F|A) = 0.20The failure rate is 10% for BP(F|B) = 0.10B is more…

Q: a) If a financial firm sells these bonds for ​$61,000 what is the chance that the firm loses money…

A: As per our guidelines, we are allowed to answer three sub-parts only Given : Benefit payable on…

Q: As the saying goes, “You can’t please everyone.” Studies have shown that in a large population…

A: From the given information, the proportion of population will be displeased (p) is 0.045 and the…

Q: ↑ An over-the-counter pregnancy test claims to be 99% accurate. Actually, what the insert says is…

A: The pregnancy test claimed to be 99% accurate.If the test is performed properly, it is 99% sure to…

Q: Two people, Gordon and Eliza, have slip and fall insurance. The insurance company estimates that…

A: To solve these probability questions, we need to use the rules for independent events. Let's go…

Q: find THE test statistics value  FOR  TWO TAILED TEST  SAMPLe sixe 26 and level of significance is…

A:

Q: "The Northside rifle team has two markspersons, Dick and Sally. Dick hits a bull’s-eye 90% of the…

A: It is given that, Dick hits a bull’s-eye 90% of the time, and Sally hits a bull’s-eye 95% of the…

Q: In an insurance portfolio 10% of the policy holders are in Class A₁ (high risk), 40% are in Class A₂…

A:

Q: The probabilities that the secretary of a construction company, her manager, or both will be sick on…

A: Let A=secretary will be sick  B=manager will be sickGiven,P(A)=0.04P(B)=0.07P(A∩B)=0.02

Q: Color blindness has a rate of about 5% among males.  If you pick a group of 15 males, what is the…

A:

Q: Cathy is planning to take the Certified Public Accountant Examination (CPA exam). Records kept by…

A: Let X be the random variable defined as the number of times a person takes the CPA exam until the…

Q: Sam is applying for a single year life insurance policy worth $71,850.00. If the actuarial tables…

A: From the provided information,The probability distribution table can be constructed…

Q: According to the June issue of Consumer's Digest, census figures show that in 1978 almost 53% of all…

A: Obtain the probability that more than 600 people will consist of 1 or 2 people.   The probability…

Q: A manufacturer of headache medicine claims that it is 70% effective within a few minutes. That is,…

A: A manufacturer of headache medicine claims that it is 70% effective within a few minutes i.e.., out…

Q: Cathy is planning to take tne Lertifled oraduated pass the CPA exam. Assume that the exam is changed…

A: It is given that 58% of students who graduated pass the exam. Consider that X is defined as the…

Q: what is the probability that unemployment grows by more than 3%? (b) what is the probability that…

A: Define some events A : unemployment grows by more than 3%. B : unemployment did not rise by more…

Q: The personnel department of Franklin National Life Insurance compiled the accompanying data…

A:

Q: Is the table above an example of a probability model? O A. No, because not all the probabilities are…

A: The model is said to be probability model if sum of all probabilities is equal to 1 and all…

Q: For our study, we used the following formula: P (A or B) = P (A) + P (B) − P (A and B) (a) Is it…

A: Please see below

Q: A security company has established, from its statistics, that every time one of its alarms sounds,…

A: From the provided information, The probability that the event is really an emergency is 35% that is…

Q: Perform the experiment, tally your results, and calculate the probability. Simultaneously toss a…

A: From the definition of probability, if an experiment can occur in any of n mutually exclusive and…

Q: water due on the mortgage is larger than the value of the home). There are 160 homes in the…

A: It is given that Probability, p = 35% = 0.35Sample size, n = 160

Q: yell- ora ..... Is the table above an example of a probability model? A. Yes, because the…

A: Answer:----.                Date:----12/10/2021    a) All the probabilities here are greater than or…

Q: (a) 38% of customers at the snack counter of a movie theater buy soft drinks. Among those who buy…

A: Hello. Since your question has multiple parts, we will solve first question for you. If you want…

Q: A car insurance company has high-risk, medium-risk, and low-risk clients, who have, respectively,…

A: A car insurance company has high-risk, medium-risk, and low-risk clients, who have, respectively,…

Q: If the odds that a particular horse will win a race are 1:9, what is the probability of the…

A: Given that the odds that a particular horse will win a race are 1:9 = m:n So Number of favorable…

Q: (a) Find each of the following probabilities. (Round your answers to four decimal places.) P(A) =…

A:

Q: Is the following a probability model? What do we call the outcome "yellow"? Color Probability red…

A: Given information: Color Probability red 0.20 green 0.20 blue 0.15 brown 0.25 yellow…

Q: using a survey of respondents who were either unemployed (A) or employed (B). The survey results…

A:

Q: Suppose that in the small state of Rhode Island in the USA, the average number of women suffering…

A:

Q: Cathy is planning to take the Certified Public Accountant Examination (CPA exam). Records kept by…

A: Let p and q is the probability to get success (pass) and failure in the exam by a person who…

Q: Cathy is planning to take the Certified Public Accountant Examination (CPA exam). Records kept by…

A: It is given that 81% of students who graduated pass the exam.

Q: ..An industrial chemical that will retard the spread of fire in paint has been developed. The local…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: a. With two hard disk drives, the probability that catastrophe can be avoided is (Round to four…

A: Provided information, there is 4% risk drive failure in a year.  The situation follows binomial…

Compound Probability

Compound probability can be defined as the probability of the two events which are independent. It can be defined as the multiplication of the probability of two events that are not dependent. 

Tree diagram

Probability theory is a branch of mathematics that deals with the subject of probability. Although there are many different concepts of probability, probability theory expresses the definition mathematically through a series of axioms. Usually, these axioms express probability in terms of a probability space, which assigns a measure with values ranging from 0 to 1 to a set of outcomes known as the sample space. An event is a subset of these outcomes that is described. 

Conditional Probability

By definition, the term probability is expressed as a part of mathematics where the chance of an event that may either occur or not is evaluated and expressed in numerical terms. The range of the value within which probability can be expressed is between 0 and 1. The higher the chance of an event occurring, the closer is its value to be 1. If the probability of an event is 1, it means that the event will happen under all considered circumstances. Similarly, if the probability is exactly 0, then no matter the situation, the event will never occur.