Purchase Solution

Bayesian Probability

Not what you're looking for?

Ask Custom Question

Yearly anutomobile inspections are required for residents of the state of Pennsylvania.Suppose that 18% of all inspected cars in Pennsylvania have problems that need to be corrected. Unfortunately, pennsylvania state inspections fail to detect these problems 12% of the time. On the other hand, an inspection never detects a problem when there is no problem. Consider a car that is inspected and is found to be free of problems. What is the probability that there is indeed something wrong that the inspection has failed to uncover?

Purchase this Solution
Solution Summary

The solution determines the probability that there is something wrong with the inspection that has failed to be uncovered.

Solution Preview

Probability that car has a problem = 18%

Probability that a problem ...

Solution provided by:
Gaurav Agarwal, MS
Education
  • BE, Bangalore University, India
  • MS, University of Wisconsin-Madison
Recent Feedback
  • "Your explanation to the answers were very helpful."
  • "What does 1 and 0 means in the repair column?"
  • "Went through all of the formulas, excellent work! This really helped me!"
  • "try others as well please"
  • "Thank you, this helped a lot. I was not sure how to plug in those numbers to a formula. This was a great help. Now I have to figure out how to explain cost of capital is used in net present value analysis, and how cost of capital is used in net present value analysis. This stuff gets confusing."
Purchase this Solution
Free BrainMass Quizzes
Cost Concepts: Analyzing Costs in Managerial Accounting

This quiz gives students the opportunity to assess their knowledge of cost concepts used in managerial accounting such as opportunity costs, marginal costs, relevant costs and the benefits and relationships that derive from them.

Change and Resistance within Organizations

This quiz intended to help students understand change and resistance in organizations

Accounting: Statement of Cash flows

This quiz tests your knowledge of the components of the statements of cash flows and the methods used to determine cash flows.

Understanding Management

This quiz will help you understand the dimensions of employee diversity as well as how to manage a culturally diverse workforce.

Organizational Leadership Quiz

This quiz prepares a person to do well when it comes to studying organizational leadership in their studies.

View More Free Quizzes
Related BrainMass Solutions

  • Bayesian Statistics

    Because Bayesians model all uncertainty with probability, it is easy to use a Bayesian framework to make decisions.

  • Probability : Bayesian Statistics

    Probability and a Bayesian interval are found. The solution is detailed and well presented. T

  • Bayesian forecasting

    The mode of the distribution is then the parameter estimate, and "probability intervals" (the Bayesian analog of confidence intervals) can be calculated using the standard procedure.

  • Why is using Bayes' theorem important

    (c) What are some prerequisites for using Bayesian statistics? To use Bayesian statistics, one must have some prior knowledge of the opposite probability than one is trying to determine.

  • Bayes' Theorem: Uses for Business-related Questions

    (c) What are some prerequisites for using Bayesian statistics? To use Bayesian statistics, one must have some prior knowledge of the opposite probability than one is trying to determine.

  • Bayes Rule / Bayesian

    139953 Bayes Rule / Bayesian Bayesian Analysis of a Law case (taken from Rossman and Short, 1995, Journal of Statistics Education). Joseph Jameison was charged with multiple rapes in 1987 in Allegheny County in the US.

  • Find the probability using Bayesian theorem

    632215 Find the probability using Bayesian theorem A certain disease occurs in 8% of the population.

  • Bayesian analysis problems and solutions

    analysis and fault probability are analyzed.

  • The Dutch Book Argument of Probability

    The Bayesian Thesis is based on this. Bayesian states that degrees of belief should follow the probability calculus.

  • Bayes's theorem

    The articles on Bayesian probability and frequentist probability discuss these debates at greater length.

View More Related Solutions