SophiaPretty

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    Strayer,Devery,Harvard University
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Category > Business & Finance Posted 04 Aug 2017 My Price 5.00

It is a discussion question not an essay.

There is an important result in statistics known as Bayes' Theorem.  The formula can be a little complicated for those new to probability, but the ideas behind it are important.  

The main takeaway is that a more realistic approach to probability is that probabilities are not set in stone and can change with new information.



Please address the following questions:



1) State in your own words what a 'conditional probability' is.  

Conditional Probability is the measure that

2) We are given two events A and B.  Describe P(A|B) if A and B are:



i)  Independent Events

ii) Mutually Exclusive events



3) Baye's Theorem can create some very important but counter-intuitive results.  Do some research about drug/medical testing and Bayes' Theorem to explain the following true statement:



"A certain disease occurs in the general population with a 1 in 100,000 rate.  A test can detect the presence of the disease and is 99.9% accurate.  A person takes the test and is found to have the disease.  However, there is only about a 1% chance that the person actually has the disease!  How can this be?"

 

 

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SophiaPretty
(5)
Status NEW Posted 04 Aug 2017 10:08 AM My Price 5.00

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