Conditional probabiliry

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a. If Olive construction company gets the job, what is the probability that Base construction company did not bid?

b.what is the probability that Olive construction company will get the bid

Oct 3rd, 2015

Thank you for the opportunity to help you with your question!

If Olive company has a probability of p to get the job and Base company is the only other company than their probability is 1 - p. This is because all possibilities must add up to 1. So, Olive plus Base must equal 1 or p + (1 - p) = p + 1 - p = 1. Probability p is unknown it is just a variable.

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Sep 19th, 2015

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Oct 3rd, 2015
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Oct 3rd, 2015
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