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# Probability table

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Intern
Joined: 05 Sep 2016
Posts: 1

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24 Jul 2017, 07:27
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The consulting firm that you work for has submitted a bid to a new customer for a major reengineering project. Historically your firm wins [W] 40% of these bids and loses [L] 60% of the time. The client has asked for additional detailed information. It has been our experience that clients ask for additional detailed information about the bid 70% of the time when our firm ultimately wins the bid and 20% of the time when the firm loses the bid. The client has asked for additional information.
a. Construct a joint probability table and fill in the joint probabilities.
b. Given that the client has just asked for additional information, what is the revised probability that our firm wins the bid?

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Math Expert
Joined: 02 Sep 2009
Posts: 55277

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27 Jul 2017, 06:00
sunpyo87 wrote:
The consulting firm that you work for has submitted a bid to a new customer for a major reengineering project. Historically your firm wins [W] 40% of these bids and loses [L] 60% of the time. The client has asked for additional detailed information. It has been our experience that clients ask for additional detailed information about the bid 70% of the time when our firm ultimately wins the bid and 20% of the time when the firm loses the bid. The client has asked for additional information.
a. Construct a joint probability table and fill in the joint probabilities.
b. Given that the client has just asked for additional information, what is the revised probability that our firm wins the bid?

--== Message from the GMAT Club Team ==--

THERE IS LIKELY A BETTER DISCUSSION OF THIS EXACT QUESTION.
This discussion does not meet community quality standards. It has been retired.

If you would like to discuss this question please re-post it in the respective forum. Thank you!

To review the GMAT Club's Forums Posting Guidelines, please follow these links: Quantitative | Verbal Please note - we may remove posts that do not follow our posting guidelines. Thank you.

_________________
Re: Probability table   [#permalink] 27 Jul 2017, 06:00
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