• XYZ corp Develops wide range of products
30% existing products are considered successful
70% existing products are considered unsuccessful
• Company using panel of customers to evaluate products to improve success rate of future products
• Existing products, 98% of successful product(s) receive good reviews (G)
• 20% of unsuccessful products received good reviews
A) P (G l s) = ?
B) P (G n s) = ?
• Panel also used to evaluate # of new product designs, marketing department has no data to determine if it will be successful or not. Assume that the population of new product design has the same probability distribution as those of the existing products i.e. that P (S) = 0.3
C) Of the new products that receive good reviews, what portion would you expect to be successful? Give correct symbol for this probability, similar to what is shown above for (A) (B) and numerical answer.