A Market Research Firm Conducts Studies Regarding the Success of New

question 68

Multiple Choice

A market research firm conducts studies regarding the success of new products.The company is not always perfect in predicting the success.Suppose that there is a 50% chance that any new product would be successful (and a 50% chance that it would fail) .In the past, for all new products that ultimately were successful, 80% were predicted to be successful (and the other 20% were inaccurately predicted to be failures) .Also, for all new products that were ultimately failures, 70% were predicted to be failures (and the other 30% were inaccurately predicted to be successes) .If the market research predicted that the product would be a success, what is the probability that it would actually be a success?

• A)0.27
• B)0.73
• C)0.80
• D)0.24
• E)1.00

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Definitions:

Performance-Outcomes Expectations

Anticipations regarding how well tasks or responsibilities will be executed and the results that will be achieved.

Opportunities To Use

Situations or circumstances that allow individuals to apply newly acquired skills or knowledge in real-world contexts.

Relapse Prevention

Relapse Prevention is a strategy in behavior therapy aimed at preventing or managing the occurrence of a setback in a patient's recovery from a psychological disorder or substance addiction.

Self-Coaching

A personal development process where individuals guide themselves to achieve goals and improve performance or skills.