Practical Management Science
Practical Management Science
6th Edition
ISBN: 9781337406659
Author: WINSTON, Wayne L.
Publisher: Cengage,
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Suppose
that you are given a decision situation with three possible states of nature: 5₁, 5₂, and s. The prior probabilities are P(s) = 0.5, P(s₂) = 0.3, and P(s) = 0.2. With sample information I,
P(I|s₂) ) = 0.1, P(I|s₂) = 0.05, and P(Is) = 0.2. Compute the revised or posterior probabilities: P(s, I), P(s₂|I), and P(s. II). (Round your answers to four decimal places.)
P(s, 11)
P(S₂11)
P(s. II)
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Transcribed Image Text:Suppose that you are given a decision situation with three possible states of nature: 5₁, 5₂, and s. The prior probabilities are P(s) = 0.5, P(s₂) = 0.3, and P(s) = 0.2. With sample information I, P(I|s₂) ) = 0.1, P(I|s₂) = 0.05, and P(Is) = 0.2. Compute the revised or posterior probabilities: P(s, I), P(s₂|I), and P(s. II). (Round your answers to four decimal places.) P(s, 11) P(S₂11) P(s. II)
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