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Natali5045456 [20]
3 years ago
11

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 80% of the successful bids and 35% 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)
Mathematics
1 answer:
Verizon [17]3 years ago
5 0

Answer:

Probability = 0.50

Step-by-step explanation:

Given

Probability = 50\ 50\ chance  

Successful\ Bids = 80\%

Unsuccessful\ Bids = 35\%

Required

Determine the probability before the request of past experience

In this case, we only consider the 50 50 chance probability

Probability = \frac{50}{50 + 50}

Probability = \frac{50}{100}

Probability = 0.50

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