Prior, Conditional and Posterior Probability
Nonfiction, Social & Cultural Studies, Social Science, Statistics
| Author: | Homework Help Classof1 | ISBN: | 1230000120876 |
| Publisher: | Classof1 | Publication: | April 10, 2013 |
| Imprint: | Language: | English |
| Author: | Homework Help Classof1 |
| ISBN: | 1230000120876 |
| Publisher: | Classof1 |
| Publication: | April 10, 2013 |
| Imprint: | |
| Language: | English |
"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 75% of the successful bids than 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 information)?
b. What is the conditional probability of a request for additional information given that the bid will ultimately be successful.
c. Compute the posterior probability that the bid will be successful given a request for additional information.
"
"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 75% of the successful bids than 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 information)?
b. What is the conditional probability of a request for additional information given that the bid will ultimately be successful.
c. Compute the posterior probability that the bid will be successful given a request for additional information.
"
