Disregarding conditional probability for now, .80/.60= 1.3333 and .60/.80= .75
So, I don't know how you are getting .48
unless you meant to multiply the two?
Hello,
I'm constantly getting my conversations marked off because I'm not writing exactly what the teacher wants. Here is the question that was asked in class and my answer to the question:
In your own words, describe what conditional probability is. Consider a business problem you are familiar with. Can you apply conditional probabilities to gain a better understanding of it? Try to provide an example.
My response:
Professor/Class:
In my own words, which I haven't been very successful at, I would say that conditional probabilities are where an outcome/event has already occurred.
In a business scenario (which I hope my words come across appropriately) lets say that there are two companies that invoices are processed for and out of those invoices we already know that 80% (A) of invoices are processed within an appropriate time limit. If you have 60% more invoices received from a different company are given, what is the conditional probability of both events?
The formula to be used would be P(A/B) (A + B)/P(A) = .80/.60 = .48
Since we already know that the event A was already occurred we then find out the amount within the B event to find the conditional probability.
Reference:
State Yale University. (1998). Conditional probability. Retrieved from http://www.stat.yale.edu/Courses/199...1/condprob.htm
Disregarding conditional probability for now, .80/.60= 1.3333 and .60/.80= .75
So, I don't know how you are getting .48
unless you meant to multiply the two?
Last edited by Buckeye; 09-24-2016 at 05:59 PM.
"I have discovered a truly remarkable proof of this theorem which this margin is too narrow to contain." Pierre de Fermat
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