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 theproject. However, the agency to which the bid was submitted subsequently requested additional information on the bid. Past experience indicatesthat for 70% of the successful bids and 39% 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)?0.50b. What is the conditional probability of a request for additional information given that the bid will ultimately be successful (to 2 decimals)?0.78 3c. Compute the posterior probability that the bid will be successful given a request for additional information (to 2 decimals).0.6666

Answered: Image /qna-images/answer/6cc215bf-f978-448e-be05-3c13c3cced20.jpg

Answered: A consulting firm submitted a bid for a…

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...

See similar textbooks

Similar questions

A life insurance company has found a 3% probability that a randomly selected application contains an error. Assume applications are mutually independent. An auditor randomly selects 100 applications. What is the probability that 95%, or less, of the selected applications, are error free?
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).
An airline is considering adding a route to the city of Buffalo, NY. Market research predicts that if the airline serves Buffalo, there is a 32% probability of making a $500,000 profit, a 22% chance of breaking even, and a 46% probability of losing $300,000. What is the expected value of adding a route to Buffalo?
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).
A bank recently discovered that approximately 1.6% of all commercial loans issued by the bank become delinquent. Norah, the bank's vice president of operations, is stunned by this discovery. In order to be prepared for the next board meeting, she investigates the matter by randomly selecting 554 commercial loans from the bank’s database and reviewing each loan. What is the probability that at least 12 of the loans in the sample are delinquent? Use Excel to find the probability. Round your answer to four decimal places.
A study is conducted to assess the impact of caffeine consumption, smoking, alcohol consumption, and physical activity on cardiovascular disease. Suppose that 40% of participants consume caffeine and smoke. If eight participants are evaluated, what is the probability that: At most, six participants consume caffeine and smoke?
The M&M/Mars candy company does a lot of market research to determine the most appealing mix of colors in M&M candies. Recently, one mix was: Purple 20%; Yellow 20%; Red 20%; Orange 10%; Green 10%; Blue 10% and Brown 10%. Suppose you reach into a bag of M&M candies and draw out ONE candy at random. What is the likelihood of drawing a Purple candy?
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).

Recommended textbooks for you

A First Course in Probability (10th Edition)

Probability

ISBN:

9780134753119

Author:

Sheldon Ross

Publisher:

PEARSON

A First Course in Probability

Probability

ISBN:

9780321794772

Author:

Sheldon Ross

Publisher:

PEARSON

A First Course in Probability (10th Edition)

Probability

ISBN:

9780134753119

Author:

Sheldon Ross

Publisher:

PEARSON

A First Course in Probability

Probability

ISBN:

9780321794772

Author:

Sheldon Ross

Publisher:

PEARSON

SEE MORE TEXTBOOKS