a consulting firm submitted a bid for a large project. The firm's management initally felt they had a 50-50 chance of getting the project. The agency to which the bid was submitted requested additional information on the bid. Past experience indicates that for 75% of the successful bid and 40% of the unsuccessful bids, the agency requested additional information.
a)Find the prior probability of the bid being successful (prior to request of additional information
b) Find the conditional probability of request for additional information given that the bid will be successful.

Question

a consulting firm submitted a bid for a large project. The firm's management initally felt they had a 50-50 chance of getting the project. The agency to which the bid was submitted requested additional information on the bid. Past experience indicates that for 75% of the successful bid and 40% of the unsuccessful bids, the agency requested additional information.
a)Find the prior probability of the bid being successful (prior to request of additional information
b) Find the conditional probability of request for additional information given that the bid will be successful.

faf3 · Answer

c) Find the posterior probability that the bid will be successful given that there is a  request for additional information