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Romi, a production manager, is trying to improve the efficiency of his assembly line. He knows that the machine is set up correctly only 60% of the time. He also knows that if the machine is set up correctly, it will produce good parts 80% of the time, but if set up incorrectly, it will produce good parts only 20% of the time. Romi starts the machine and produces one part before he begins the production run. He finds the first part to be good. What is the revised probability that the machine was set up correctly?
Industrial Unionism
A labor movement strategy where all workers in the same industry are organized into the same union, regardless of their specific trade or profession.
Great Strike Wave
A period characterized by a high number of extensive labor strikes, often reflecting widespread dissatisfaction among workers regarding wages, working conditions, and labor rights.
Labor
Pertains to work, especially manual work done for wages, and can include discussions around the workforce, employment conditions, and workers' rights.
Negotiating Partner
An entity or individual engaged in discussions aimed at reaching an agreement on a specific matter or business deal.
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