The application which provides a way of revising conditional probabilities by using available information and provisions for revising conditional probabilities with other information that is useful for management decision making is called:
A)overinvolvement ratios.
B)Bayes' theorem.
C)empirical formula.
D)probability rules.

Question

Quizplus · Accepted Answer

The application described in the question is referring to Bayes' theorem, which provides a way of updating conditional probabilities based on new information. Option A (overinvolvement ratios) is not relevant to the question. Option C (empirical formula) refers to a formula based on observed data rather than conditional probabilities. Option D (probability rules) is too broad and does not specifically address the application described in the question.

The Application Which Provides a Way of Revising Conditional Probabilities