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Mathematics, 07.10.2020 23:01 Kpthegoat

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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A consulting firm submitted a bid for a large research project. The firm's management initially felt...
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