Compute the posterior probability

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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 74% of the successful bids and 41%% 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) (to 1 decimal)? 0.5 0 b. What is the conditional probability of a request for additional information given that the bid will ultimately be successful (to 2 decimals)? 0.74 c. Compute the posterior probability that the bid will be successful given a request for additional information (to 2 decimals). 0.65 X

Reference no: EM132844660

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