The Concept of Probability
The Concept of Probability
Paragraph 1: Based on your experience thus far in this class, what is the probability that you will receive an “A” grade? Explain the factors you have used in arriving at this probability assessment.
Paragraph 2: Do you believe that all students in your class will arrive at the same probability assessment that you have? Why or why not?
Paragraph 3: Explain what is meant by subjective probability. Research the Internet, and provide a business-related example in which subjective probability assessment would likely be used (be sure to cite your sources).
Paragraph 4: Provide an example of when you have personally used subjective probability assessment or how you might use it in the future.
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