Your company is submitting bids for two different projects, project A and projec

Question

Your company is submitting bids for two different projects, project A and project B. Based on their research, your company experts estimate that the probability of winning the bid for project A is 0.60 and the probability of winning the bid for project B is 0.40. Their research has also shown that if the company wins one bid, the chance of winning the other bid is reduced to half of the original probability.

A.) What is the probability of winning the bid both projects?

B.) What is the probability of winning at least one of the bids?

I'm just a little bit ocnfused on where to even start. I would like to know which method I should use and please explain all the steps, so I could understand how this problem is supposed to be approached.

Explanation / Answer

P(A|B)=0.6/2=0.3

P(B|A)=0.4/2=0.2

a.) P(A and B)=P(A)*P(B|A)=0.6*0.2=0.12

P(A and B)=P(B)*P(A|B)=0.4*0.3=0.12

b.) P(A union B)= P(A)+P(B)-P(A and B)=0.6+0.4-0.12=0.88

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