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  3. a consulting firm submitted a bid for a large rese

A consulting firm submitted a bid for a large research project. The firm's management initially felt...

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Basic Math

A consulting firm submitted a bid for a large research project.The firm's management initially felt they had a 50-50 chance ofgetting the project. However, the agency to which the bid wassubmitted subsequently requested additional information on the bid.Past experience indicates that for 78% of the successful bids and35% of the unsuccessful bids the agency requested additionalinformation.

a. What is the prior probability of the bidbeing successful (that is, prior to the request for additionalinformation) (to 1 decimal)?

b. What is the conditional probability of arequest for additional information given that the bid willultimately be successful (to 2 decimals)?

c. Compute the posterior probability that thebid will be successful given a request for additional information(to 2 decimals).

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Solutiona What is the prior probability of the bidbeing successful that is prior    See Answer
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