Probability Essays

Blake Electronics

Statement of the problem: a. Should Steve contract the services of an outside research agency? b. If survey is warranted, should he employ MAI or I&K? c. Should the new product line be introduced? Analysis of the problem: MAI’s proposal directly provides Steve the conditional probabilities he needs such as the probability of a successful venture given a favorable survey. Although the information from Iverstine and Kinard (I&K) is different, we can easily use Bayes’ theory to I&K information to…

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