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Posterior probability that the bid will be successful

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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 75% of the successful bids and 40% of the unsuccessful bids the agency requested additional information. What is the posterior probability that the bid will be successful given a request for additional information?

Reference no: EM132463761

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