Explain what is meant by subjective probability.
Can you please research the internet, and provide a business-related example in which subjective probability assessment would likely be used (be sure to cite your sources)?
Can you also provide an example of when you have personally used subjective probability assessment or how you might use it in the future? Thanks!
Quantitative Methods and Analysis:
Subjective probability refers to an approach that shows the consequences that might occur in case previous beliefs are modified so as to get results for the new data (subjective probability, n.d.). Subjective probability assessment can be used in risk analysis and decision making by identifying the exhaustive and exclusive events that will be used by the management in decision making. Subjective probability assessment in business involves the assessment of uncertain events such as the rise in interest rates. The uncertainties of ...
Quantitative methods and analysis are examined. The business-related assessment are used for subjective probability.