Your company sends out bids on a variety of projects. Some (actually 30% of all bids) involve
Question:
a. Draw a probability tree for this situation.
b. What is the probability that you will win a contract?
c. Given that you win a contract, what is the conditional probability that you put a lot of work into the bid?
d. Given that you do not win a contract, what is the conditional probability that you put a lot of work into the bid?
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