Wat is the prior probability of the bid being successful

Reference no: EM13640888

A consulting firm submitted a bid for a large research rject. The firms managment initaly felt they had a 50 50 chance of getting the project. However, the agency to which the bid was submitted subsequently requestedadditinal information on the bid. Past experience indcates 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 info)?

B) What is the conditional probability of a request for additional information given that the bid will ultimatley be successful?

C) Compute the posterior probability that the bid will be successful given a request for additional information?

Reference no: EM13640888

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