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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 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)

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MrRoyal

Answer:

[tex]Probability = 0.50[/tex]

Step-by-step explanation:

Given

[tex]Probability = 50\ 50\ chance[/tex]  

[tex]Successful\ Bids = 80\%[/tex]

[tex]Unsuccessful\ Bids = 35\%[/tex]

Required

Determine the probability before the request of past experience

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

[tex]Probability = \frac{50}{50 + 50}[/tex]

[tex]Probability = \frac{50}{100}[/tex]

[tex]Probability = 0.50[/tex]

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