The hiring process at Queensway Staffing Agency is great, but far from perfect. Good candidates are...

 

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The hiring process at Queensway Staffing Agency is great, but far from perfect. Good candidates are sometimes rejected and bad ones sometimes hired. Since the agency earns profits from hiring good candidates, they also incur losses when they hire a candidate that is fired within 6 months or when they fail to hire (reject) a good candidate. They used relative frequency to determine the probability of hiring a good candidate and presented their payoffs (in $'000) as follows: Queensway has recently subscribed to a premium package at Finch, an online career site. This package provides Queensway with access to candidates who are already rated on Finch. Hire CA Good Bad 12 -5.75 -3.75 0 Reject Probability 0.28 0.72 Candidates are rated A if they have been verified to be top performers, and rated Fif they have not performed well. Past user experience shows that if a candidate is Good, they are rated A 76% of the time but if they are Bad, they are rated F 60% of the time. Calculate the following probabilities. Do not round your results. a) Pirated A Bad) b) Pirated F) Round your answer accurate to 3 decimal places in c) and di below. P(Bad rated A) P(Good rated F) The hiring process at Queensway Staffing Agency is great, but far from perfect. Good candidates are sometimes rejected and bad ones sometimes hired. Since the agency earns profits from hiring good candidates, they also incur losses when they hire a candidate that is fired within 6 months or when they fail to hire (reject) a good candidate. They used relative frequency to determine the probability of hiring a good candidate and presented their payoffs (in $'000) as follows: Queensway has recently subscribed to a premium package at Finch, an online career site. This package provides Queensway with access to candidates who are already rated on Finch. Hire CA Good Bad 12 -5.75 -3.75 0 Reject Probability 0.28 0.72 Candidates are rated A if they have been verified to be top performers, and rated Fif they have not performed well. Past user experience shows that if a candidate is Good, they are rated A 76% of the time but if they are Bad, they are rated F 60% of the time. Calculate the following probabilities. Do not round your results. a) Pirated A Bad) b) Pirated F) Round your answer accurate to 3 decimal places in c) and di below. P(Bad rated A) P(Good rated F)

Answer rating: 100% (QA)

To calculate the probabilities lets use the information provided a PRated A Bad The probability that ... View the full answer