#title.Decision Models., Advanced Statistics

Assignment Help:
I have a problem I am trying to solve. An oil company thinks that there is a 60% chance that there is oil in the land they own. Before drilling they run a soil test. When there is oil in teh ground, the soil test comes back positive(indicating oil) 90% of the time. When there is NO oil in teh ground, the soil test is positive(indicating oil) 20% of the time.
What is the probability that a test comes back positive-indicating oil.
My ans- P(BUP)=P(B)+P(P)-P(BnP)=.900+.600-.200= 1.3
b)What is the probability that there is oil in teh ground, if the test comes back positive?
Ans-P=1-1.3= 0.3 comes back positive.

Related Discussions:- #title.Decision Models.

Sequencing of 4 machines, how to resolve sequencing problem if jobs 6 given...

how to resolve sequencing problem if jobs 6 given and 4 machines given. how to apply johnson rule for making to machines under this conditions. please give solution as soon as poss

Method of moments, Method of moments   is the procedure for estimating the...

Method of moments   is the procedure for estimating the parameters in a model by equating sample moments to the population values. A famous early instance of the use of the proced

Change point problems, Change point problems : Problems with chronologicall...

Change point problems : Problems with chronologically ordered data collected over the period during which there is known to have been a change in the underlying data generation cou

Explain yate s'' continuity correction, Yate s' continuity correction : Whe...

Yate s' continuity correction : When the testing for independence in contingency table, a continuous probability distribution, known as chi-squared distribution, is used as the app

Product-limit estimator, Product-limit estimator is a method for estimatin...

Product-limit estimator is a method for estimating the survival functions for the set of survival times, some of which might be censored observations. The logic behind the procedu

Probability, Modern hotels and certain establishments make use of an electr...

Modern hotels and certain establishments make use of an electronic door lock system. To open a door an electronic card is inserted into a slot. A green light indicates that the doo

Determinant, A value related with the square matrix which represents sums a...

A value related with the square matrix which represents sums and products of its elements. For instance, if the matrix is   then the determinant of A (conventionally written as

Baddeley''smetric, Baddeley'smetric : A manner of measuring the 'error' in ...

Baddeley'smetric : A manner of measuring the 'error' in the image processing technique or method. The metric is derived using the fundamental theory from the stochastic geometry an

Define non linear mapping (nlm), Non linear mapping (NLM ) is a technique f...

Non linear mapping (NLM ) is a technique for obtaining a low-dimensional representation of the set of multivariate data, which operates by minimizing a function of the differences

Frequency distribution, The division of a sample of observations into sever...

The division of a sample of observations into several classes, together with the number of observations in each of them.  It acts as a useful summary of the main features of the da

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd