Customers are used to evaluate preliminary product designs. In the past, 95% of highly successful products received good reviews
1 answer:
Answer:
Step-by-step explanation:
The given information can be tabulated as follows.
Success type High Moderate Low Total
0.40 0.35 0.25 1
Good reviews 0.95 0.60 0.10
Combined prob 0.4*0.95 0.35*0.6 0.25*0.1
0.38 0.21 0.025 0.6125
A) the probability that a product attains a good review
=Prob it it successful and gets good review + Prob it is moderate successful and gets good review +Prob it it low successful and gets good review
= 0.6125
B) If a new design attains a good review, the probability that it will be a highly successful product=
C) Prob that does not attain a good review =(0.40*0.05)+0.35(0.4) +(0.25)*0.9
= 0.385
Prob for successful not getting good review = 0.40(0.05) = 0.02
Reqd prob =
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