Question: A 1 B C D Market Research Study 2 3 4 Input Data Estimated probability of success 5 6 7 8 9 10 11 12

A 1 B C D Market Research Study 2 3 4 Input Data Estimated probability of success 5 6 7 8 9 10 11 12 P(predict success | will be success) P(predict failure | will be failure) A market research study has been undertaken in order to determine the probability of 0.30 You are given the following information: success for anew product. The probability of success for products in general is 30%. 0.75 market studies have predicted success 75% of the time For successful products, For unsuccessful products, market studies have predicted failure 65% of the time. 0.65 Determine: The probability of success if the market study predicts failure The probability of failure if the market study predicts success The probability that the study will predict success. 13 14 15 a. P(success | predict failure) = 16 17 18 19 20 21 22 b. P(failure | predict success) = 23 24 25 c. P(predict success) = E F G

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