What is peter revised probability of successful food

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Reference no: EM132219113

The course is Quantitive Research Methods and the book is Quantitive Analysis for Management (12 ed.) (Render, Stair, Jr., Hanna, & Hale, 2015). Boston, MA: Pearson.

Peter Martin is going to help his brother who wants to open a food store. Peter initially believes that there is a 50-50 chance that his brother’s food store would be a success. Peter is considering doing a market research study. Based on historical data, there is 0.8 probability that the marketing research will be favorable given a successful food store. Moreover, there is a 0.7 probability that the marketing research will be unfavorable given an unsuccessful food store.

(a) If the marketing research is favorable, what is Peter’s revised probability of a successful food store for his brother?

(b) If the marketing research is unfavorable, what is Peter’s revised probability of a successful food store for his brother?

(c) If the initial probability of a successful food store is 0.60 (instead of 0.50), find the probabilities in parts a and b.

Reference no: EM132219113

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