$5.00 attn solutionasap
A consulting firm submitted a bid for a
large research project. They initially felt there was a 50/50 chance of getting
the bid. However, the agency to which
the bid was submitted subsequently requested additional information on the bid.
Experience indicates that on 75% of the successful bids and 40% of the unsuccessful
bids the agency requested additional information.
due sunday 8pm
What is the prior probability the bid will be
successful(ie..prior to receiving 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 a posterior probability that the bid
will be successful given that a request for additional information has been received.