Prior, Conditional and Posterior Probability

eBook (PDF), 4 Pages
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"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 bids than 40 % of the unsuccessful bids the agency requested additional information. a. What is the prior probability of the bid being successful (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. "
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Product Details

April 11, 2013
File Format
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703.51 KB

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Required Software Any PDF Reader, Apple Preview
Supported Devices Windows PC/PocketPC, Mac OS, Linux OS, Apple iPhone/iPod Touch... (See More)
# of Devices Unlimited
Flowing Text / Pages Pages
Printable? Yes
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