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 percent of successful bids and 40 percent of unsuccessful bids, the agency requested additional information A. What is the prior probability of the bid being successful 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
Contingency Table
A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.
Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
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 percent of successful bids and 40 percent of unsuccessful bids, the agency requested additional information
A. What is the prior
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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