Calculate the posterior probabilities

Assignment Help Business Management

Reference no: EM132075628

Shamrock Oil has some revised information concerning the accuracy of the geological test probabilities. According to this new information, the probability that the test will be positive, given that oil is present in the ground, is 0.85. The probability that the test will be negative, given that oil is not present, is 0.75. Calculate the posterior probabilities and reevaluate the decision tree from Does this new information affect Shamrock Oil's original decision?

Reference no: EM132075628

Questions Cloud

Case study on death and dying : Case Study on Death and Dying - Compare a religion with Christianity. Compare Christianity to Buddhism - How would each religion interpret the nature of George

Probability that the process will succeed : If the process does not succeed, the company will lose $825,000. Rob estimates that there is a 0.6 probability that the process will succeed.

Explain the traditional probation and parole practices : Do you think any of these alternatives would be effective-even more so than traditional probation or parole practices? Explain.

Recommend a course of action for shamrock oil : Using a decision tree, recommend a course of action for Shamrock Oil.

Calculate the posterior probabilities : Calculate the posterior probabilities and reevaluate the decision tree from Does this new information affect Shamrock Oil's original decision?

Identify a recent policy debate from the past six months : Identify a recent policy debate (besides gun control) from the past 6 months. Research which interest groups participated in this policy.

What is the value of the questionnaire information : (a) Draw the decision tree for this problem and identify the best decision for Jim. (b) What is the value of the questionnaire's information? What is its effic

Explain relationship-measurement reliability and validity : Post a restatement of your assigned position on sampling strategies. Defend your position with examples and support from the scholarly literature.

What strategy would you recommend : Jason Scott has applied for a mortgage to purchase a house, and he will go to settlement in two months.

User Account

All Pages