Question

6) There are three research and development projects focusing on the development of three new products A, B and C. The markets into which the new products are to be launched are identical. However, consumer preference is at present, unknown. A probability assessment has been undertaken by the Sales Director based upon a recent consumer survey. This has revealed that there is a ½ probability that consumers will prefer Product A, a 1/3 probability that consumers will prefer Product B and a ¼ probability that consumers will prefer Product C. If the company were to
Launch all three products simultaneously what is the probability that:

(a)Product A and product B will both be successful?
(b) Product A, B and C will all be successful?
(c) No product will be successful?

Answer 1

the fractions don't add to 100%