Question
A consulting firm submitted a bid for a large research project. The firm's management initially felt they had a 50-50 chance of getting the project.
A consulting firm submitted a bid for a large research project. The firm's management initially felt they had a 50-50 chance of getting the project. However, the agency to which the bid was submitted subsequently requested additional information on the bid. Past experience indicates that for 70% of the successful bids and 45% of the unsuccessful bids the agency requested additional information. Compute the posterior probability that the bid will be successful given a request for additional information. (Round your answer to two decimal places.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started