Your consulting firm is submitting a bid for a big contract. From previous data, you know your firm has a 51% of successfully landing the contract. The agency to which you submitted your bid has asked for more information about your bid. Past experience indicates that for 70% of successful bids and 44% of unsuccessful bids, the agency asks for more information. (In other words, if you successfully bid, then the probability the agency asks for information is 70%, etc.) If an agency asks for more information, what is the probability the bid is successful
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Home » Mathematics » Your consulting firm is submitting a bid for a big contract. From previous data, you know your firm has a 51% of successfully landing the contract. The agency to which you submitted your bid has asked for more information about your bid.