Mathematics, 20.02.2020 20:11 ryndersava
A consulting firm submitted a bid for a large research project. The firms management 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 indicated that on 75% of the successful bids and 40% of the unsuccessful bids the agency requested additional information.
(a) What is the prior probability the bid will be successful? ( i. e prior to receiving 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?
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