Compute the posterior probability that the bid

Assignment Help Basic Statistics
Reference no: EM132045341

California Consulting, LLC is a consulting business operated by Dr. Matecki and one of his colleagues. In a typical year, California Consulting responds to 12 requests for proposals (RFPs) in hopes of obtaining business. Each RFP results in either a 'success' (California Consulting is awarded the contract) or a 'failure' (California Consulting does not win the business). Assume that the outcomes follow the binomial distribution with the probability of success equal to 0.4.

One particular RFP has been submitted for a large research project. I initially felt that there was a 50-50 chance of getting the project; however, the agency to which the bid was submitted as subsequently asked for additional information on the bid. Past experience indicates that on 80% of the successful bids and 35% of the unsuccessful bid, the agency requested additional information.

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

Reference no: EM132045341

Questions Cloud

Why needs an organization to be restructured : Why needs an organization to be restructured and what need to be consider it while restructuring it and whats the negative sides could occur while redesign it?
What are the four of positions in a hotel : What are the four of positions in a hotel? How does ADA impact the hotel industry?
How was walmart sustainability index developed : Good intentions must be followed by actions leading to measurable outcomes. Sustainability initiatives and their outcomes are tracked through accountability.
Simple ethical tests to use for a business decision : The Institute of Business Ethics has identified three simple ethical tests to use for a business decision, please name and explain them?
Compute the posterior probability that the bid : Compute the posterior probability that the bid will be successful
What system could you use to manage your scarcity problem : Watch this short video: Scarcity: The Basic Economic Problem to help you think about this week's discussion. Start your discussion by creating a response.
Explain economies of scale and economies of scope : Describe activities in your organization or other organizations that result in economies of scale and economies of scope. Explain the economic benefits.
What is the monthly mortgage payment : The mortgage is for 30 years with equal monthly payment at a monthly interest rate of 3/4 percentage. What is the monthly mortgage payment?
Conduct research progressive taxation fair : Conduct research on your topic using at least two sources. Write a Research Paper with a body length of 2 pages using APA style.

Reviews

Write a Review

Basic Statistics Questions & Answers

  Statistics-probability assignment

MATH1550H: Assignment:  Question:  A word is selected at random from the following poem of Persian poet and mathematician Omar Khayyam (1048-1131), translated by English poet Edward Fitzgerald (1808-1883). Find the expected value of the length of th..

  What is the least number

MATH1550H: Assignment:  Question:     what is the least number of applicants that should be interviewed so as to have at least 50% chance of finding one such secretary?

  Determine the value of k

MATH1550H: Assignment:  Question:     Experience shows that X, the number of customers entering a post office during any period of time t, is a random variable the probability mass function of which is of the form

  What is the probability

MATH1550H: Assignment:Questions: (Genetics) What is the probability that at most two of the offspring are aa?

  Binomial distributions

MATH1550H: Assignment:  Questions:  Let’s assume the department of Mathematics of Trent University has 11 faculty members. For i = 0; 1; 2; 3; find pi, the probability that i of them were born on Canada Day using the binomial distributions.

  Caselet on mcdonald’s vs. burger king - waiting time

Caselet on McDonald’s vs. Burger King - Waiting time

  Generate descriptive statistics

Generate descriptive statistics. Create a stem-and-leaf plot of the data and box plot of the data.

  Sampling variability and standard error

Problems on Sampling Variability and Standard Error and Confidence Intervals

  Estimate the population mean

Estimate the population mean

  Conduct a marketing experiment

Conduct a marketing experiment in which students are to taste one of two different brands of soft drink

  Find out the probability

Find out the probability

  Linear programming models

LINEAR PROGRAMMING MODELS

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