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A consulting firm submitted a bid for a large research project. The firm’s management initially felt...

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 75% of the
successful bid and 40% of the unsuccessfully bid the agency requested additional information.
a)
What is the prior probability of the bid being successfully (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

Math   Statistics-And-Probability   
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