You are given a decision situation with three possible states of nature S1, S2, and S3. The prior probabilities of the three states are 0.20, 0.45, and 0.35. With sample information I, you are provided with the following information. 
a.Compute P(I).
b.Compute the revised probabilities of P(S1|I), P(S2|I), and P(S3|I).
Definitions:
Sourcing Strategy
The approach a company takes to determine how and where it will obtain its products or services.
Lowest Possible Cost
The minimal expense incurred in the production or procurement of goods, often pursued through efficient processes and economies of scale.
Supplier Scoring
A method used to evaluate and rank suppliers based on various performance metrics to ensure quality and reliability in procurement.
Supplier Selection
The process of evaluating and choosing suppliers based on criteria such as price, quality, delivery time, and service, ensuring the best compatibility and value for the purchasing organization.
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