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Bayes Theorem
Bayes Theorem
where Bi is the ith event out of k mutually exclusive and collectively exhaustive
Problem Statement:
Olive Construction Company is determining whether it should submit a bid for a new shopping ce
In the past, Olive's main competitor, has submitted bids 70% of the time.
If the competitor does not bid on a job, the probability that Olive Construction Company will get
If the competitor bids on a job, the probability that Olive Construction Company will get the job i
If Olive Construction Company gets the job, what is the probability that the competitor did not b
What is needed?
p(B2|A) i.e. Given Olive Construction Company gets the job, what is the proba
Learning:
Whenever a reverse conditional probability of events is being asked and the actual conditional pr
reviously calculated probabilities
titor does not bid on a job, the probability that Olive Construction Company will get the job is 0.50
titor bids on a job, the probability that Olive Construction Company will get the job is 0.25
s the job, what is the probability that the competitor did not bid