Aconsulting firm submitted a bid for a large research project. the firm’s management
initially...
Aconsulting 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 75% of the successful bids and 40% 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)?
b. what is the conditional probability of a request for additional information given that
the bid will ultimately be successful?
c. compute the posterior probability that the bid will be successful given a request for
additional information.
Answers: 2
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