A consulting firm submitted a bid for a large research project. The firm's management initially felt they had a 50-50 chance of gettingthe project. However, the agency to which the bid was submitted subsequently reguested additional information on the bid. Pastexperience indicates that for 71% of the successful bids and 37% of the unsuccessful bids the agency requested additionalinformation.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).

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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...

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In recent years research suggests that cell phone usage during social interactions leads to distractions, which undermines the benefits of social interaction. A recent report by greater good magazine reports that a survey shows that 82% of people report that the use of cell phones during a conversation decreases the quality and what they talk about. Assuming the greater good magazine report is accurate, and then a random sample of cell phone users during A recent conversation were sampled. You are interested in the probability that a specific number of the cell phones users would report that the use of cell phones during a conversation decreases the quality of what they talk about.
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 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.
In a recent year, the Better Business Bureau settled 75% of complaints they received. You have been hired by the Bureau to investigate complaints this year involving computer stores. You plan to select a random sample of complaints to estimate the proportion of complaints the Bureau is able to settle. Suppose your sample size is 299. What is the probability that the sample proportion will be at least 5 percent more than the population proportion?
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).
Use the given probability value to determine whether the sample results could easily occur by chance, then form a conclusion. A study of the effect of seatbelt use in head-on passenger car collisions found that drivers using a seatbelt had a 64.1% survival rate, while drivers not using a seatbelt had a 41.5% survival rate. If seatbelts have no effect on survival rate, there is less than a 0.0001 chance of getting these results. What do you conclude? The probability shows that the sample results ▼ could could not have easily occurred by chance. It appears that there ▼ is is not sufficient evidence to conclude that seatbelts do have an effect on survival rate.

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