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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