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A consulting firm submitted a bid for a large research project. Management felt their probability of...

A consulting firm submitted a bid for a large research project. Management felt their probability of winning was 0.75. The agency reviewing the bid requested additional information on the bid. Past experience indicates that for 65% of the winning bids and 45% of the losing bids the agency requested additional information. Compute the posterior probability that the bid will be successful given a request for additional information.

Math   Statistics-And-Probability   
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We will calculate the required probability by using Bayes theorem.

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