menu
bartleby
search
close search
Hit Return to see all results
close solutoin list

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 and 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.

BuyFindarrow_forward

STATISTICS F/BUSINESS+ECONOMICS-TE...

13th Edition
Anderson
Publisher: CENGAGE L
ISBN: 9781305881884

Solutions

Chapter
Section
BuyFindarrow_forward

STATISTICS F/BUSINESS+ECONOMICS-TE...

13th Edition
Anderson
Publisher: CENGAGE L
ISBN: 9781305881884
Chapter 4.5, Problem 41E
Textbook Problem
964 views

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 and 40% of the unsuccessful bids the agency requested additional information.

  1. a. What is the prior probability of the bid being successful (that is, prior to the request for additional information)?
  2. b. What is the conditional probability of a request for additional information given that the bid will ultimately be successful?
  3. c. Compute the posterior probability that the bid will be successful given a request for additional information.

a.

To determine

Compute the probability of the bid being successful.

Explanation of Solution

The given information is that there is a 50-50 chance of getting the project. From the past experience, 75% of the successful bids and 40% of the unsuccessful bids the agency requested additional information...

b.

To determine

Compute the probability for conditional probability of request for additional information given that the bid will ultimately be successful.

c.

To determine

Compute posterior probability that the bid will be successful given a request for additional information.

Still sussing out bartleby?

Check out a sample textbook solution.

See a sample solution

The Solution to Your Study Problems

Bartleby provides explanations to thousands of textbook problems written by our experts, many with advanced degrees!

Get Started

Chapter 4 Solutions

STATISTICS F/BUSINESS+ECONOMICS-TEXT
Show all chapter solutions
add
Ch. 4.1 - The National Occupant Protection Use Survey...Ch. 4.1 - The Powerball lottery is played twice each week in...Ch. 4.1 - A company that manufactures toothpaste is studying...Ch. 4.2 - An experiment has four equally likely outcomes:...Ch. 4.2 - Consider the experiment of selecting a playing...Ch. 4.2 - Consider the experiment of rolling a pair of dice....Ch. 4.2 - Refer to the KPL sample points and sample point...Ch. 4.2 - Fortune magazine publishes an annual list of the...Ch. 4.2 - Do you think global warming will have an impact on...Ch. 4.2 - Junior Achievement USA and the Allstate Foundation...Ch. 4.2 - Data on U.S. work-related fatalities by cause...Ch. 4.3 - Suppose that we have a sample space with five...Ch. 4.3 - Suppose that we have a sample space S = {E1, E2,...Ch. 4.3 - Clarkson University surveyed alumni to learn more...Ch. 4.3 - The Eco Pulse survey from the marketing...Ch. 4.3 - Information about mutual funds provided by...Ch. 4.3 - What NCAA college basketball conferences have the...Ch. 4.3 - A survey of magazine subscribers showed that 45.8%...Ch. 4.3 - High school seniors with strong academic records...Ch. 4.4 - Suppose that we have two events, A and B, with...Ch. 4.4 - Assume that we have two events, A and B, that are...Ch. 4.4 - The automobile industry sold 657,000 vehicles in...Ch. 4.4 - Students taking the Graduate Management Admissions...Ch. 4.4 - The bureau of Transportation Statistics reports...Ch. 4.4 - To better understand how husbands and wives feel...Ch. 4.4 - Jamal Crawford of the National Basketball...Ch. 4.4 - A joint survey by Parade magazine and Yahoo! found...Ch. 4.4 - The Institute for Higher Education Policy, a...Ch. 4.5 - The prior probabilities for events A1 and A2 are...Ch. 4.5 - The prior probabilities for events A1, A2, and A3...Ch. 4.5 - A consulting firm submitted a bid for a large...Ch. 4.5 - A local bank reviewed its credit card policy with...Ch. 4.5 - In August 2012, tropical storm Isaac formed in the...Ch. 4.5 - ParFore created a website to market golf equipment...Ch. 4.5 - The percentage of adult users of the Internet who...Ch. 4 - A survey of adults aged 18 and older conducted by...Ch. 4 - A financial manager made two new investmentsone in...Ch. 4 - Forty-three percent of Americans use social media...Ch. 4 - A study of 31,000 hospital admissions in New York...Ch. 4 - A telephone survey to determine viewer response to...Ch. 4 - The U.S. Census Bureau serves as the leading...Ch. 4 - An MBA new-matriculants survey provided the...Ch. 4 - Refer again to the data from the MBA...Ch. 4 - In February 2012, the Pew Internet American Life...Ch. 4 - A large consumer goods company ran a television...Ch. 4 - Cooper Realty is a small real estate company...Ch. 4 - A company studied the number of lost-time...Ch. 4 - According to the Open Doors Report, 9.5% of all...Ch. 4 - An oil company purchased an option on land in...Ch. 4 - The five most common words appearing in spam...

Additional Math Textbook Solutions

Find more solutions based on key concepts
Show solutions add
How are inflation and unemployment related in the short run?

Principles of Microeconomics (MindTap Course List)

Explain the three types of mergers.

Foundations of Business (MindTap Course List)

If a companys beta were to double, would its required return also double?

Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)

What is the purpose of providing a ledger account for each account?

College Accounting (Book Only): A Career Approach

In Exercises 3538, find the transpose of each matrix. [1264232562304502]

Finite Mathematics for the Managerial, Life, and Social Sciences

Write each expression in terms of i. 48

Trigonometry (MindTap Course List)

Find the derivative. Simplify where possible. 38. f(t)=1+sinht1sinht

Single Variable Calculus: Early Transcendentals, Volume I

A hollow cylinder with no ends of radius 3 cm and height 4 cm is a surface of revolution. Its surface area may ...

Study Guide for Stewart's Single Variable Calculus: Early Transcendentals, 8th

In Problems 7-12, find the third derivative.

Mathematical Applications for the Management, Life, and Social Sciences

The curvature of at t = 0 is:

Study Guide for Stewart's Multivariable Calculus, 8th

find the real roots of each equation by factoring. 129. x2 + x 12 = 0

Applied Calculus for the Managerial, Life, and Social Sciences: A Brief Approach

Cable TV The following table shows the number C. in millions, of basic subscribers to cable TV in the indicated...

Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)

50. Mileage tests are conducted for a particular model of automobile. If a 98% confidence interval with a margi...

Modern Business Statistics with Microsoft Office Excel (with XLSTAT Education Edition Printed Access Card) (MindTap Course List)

In Problems 1116 use an appropriate series in (2) to find the Maclaurin series of the given function. Write you...

A First Course in Differential Equations with Modeling Applications (MindTap Course List)