You work for a consulting firm, and have submitted a bid for a large consulting

Question

You work for a consulting firm, and have submitted a bid for a large consulting contract. The firm's management thinks it has a 50-50 chance of landing the project.

In a few weeks, the agency to which the bid was submitted sent in a request for additional information. The firm's past experience indicates that the agency asked for additional information for 86.8% of successful bids and 11.6% of unsuccessful bids.

What is the probability that this particular bid will be successful, given that the request for additional information happened?

Enter answer in percents, accurate to two decimal places.

Explanation / Answer

Since the original probabilities were even the calculation is just 86.8/(86.8+11.6)=88.2%

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