SOLUTION: In a survey of companies in the sector of small industries, it was found that only 50% of those companies that obtained ISO certificate are found successful and only 30% of those c

Question 1172532: In a survey of companies in the sector of small industries, it was found that only 50% of those companies that obtained ISO certificate are found successful and only 30% of those companies that did not applied for this certificate are unsuccessful. The survey reveals that 80% of the companies in the sector obtained ISO certificate.
a. If a company is selected at random, what is the probability that it is a successful company
b. If a company is selected at random and found unsuccessful, what is the probability that it did not get the ISO certificate?

Answer by ewatrrr(24785) (Show Source): You can put this solution on YOUR website!
In a survey of companies in the sector of small industries, it was found that only 50% of those companies that obtained ISO certificate are found successful and only 30% of those companies that did not applied for this certificate are unsuccessful. The survey reveals that 80% of the companies in the sector obtained ISO certificate.



Hi  

	0.8(ISO)				0.2 (no ISO)	

0.50		0.50		            0.70		0.30

successful	not successful		successful		not successful



a. If a company is selected at random, what is the probability that it is a successful company

P = .80(.50) + .20(.70)

P = .40 + .14 = .54

b. If a company is selected at random and found unsuccessful, what is the probability that it did not get the ISO certificate?

P(A|B) = P(A and B)/P(B)

P(noISO|unsuccessful) = .06/.46 = .130

Wish You the Best in your Studies.

 

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