If Sample Information Is Obtained,the Result of the Sample Information

question 56

Essay

If sample information is obtained,the result of the sample information will be either positive or negative.No matter which result occurs,the choice to select option A or option B exists.And no matter which option is chosen,the eventual outcome will be good or poor.Complete the table. $\begin{array}{cccccc}\begin{array}{ccccc}\text { Sample } \\\text { Result }\end{array} & \begin{array}{c}\text { States of } \\\text { Nature }\end{array} & \begin{array}{c}\text { Prior } \\\text { Probabilities }\end{array} & \begin{array}{c}\text { Conditional } \\\text { Probabilities }\end{array} & \begin{array}{c}\text { Joint } \\\text { Probabilities }\end{array} & \begin{array}{c}\text { Posterior } \\\text { Probabilities }\end{array} \\\hline \text { Positive } & \text { good } & .7 & P(\text { positive } \mid g o o d)=.8 & & \\& \text { poor } & .3 & P(\text { positive } \mid \text { poor })=.1 & & \\\hline \text { Negative } & \text { good } & .7 & P(\text { negative } \mid g o o d)= & & \\& \text { poor } & .3 & P(\text { negative } \mid \text { poor })= &\end{array}$

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Definitions:

Labor Efficiency Variance

The difference between the actual labor hours used to produce a good or service and the standard labor hours expected to be used, measuring labor efficiency.

Variable Overhead Rate Variance

The difference between the actual variable overhead incurred and the expected (or standard) variable overhead based on activity levels.

Favorable

A term used in accounting and finance to describe outcomes or variances that are better than anticipated, indicating a positive performance against the budget or forecast.

Unfavorable

A term used to describe a variance or outcome that results in a worse financial position than expected or budgeted.