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Subjective probability is the likelihood that a specific result will occur,based on hard facts and numbers.
Subjective Probability
A type of probability derived from an individual's personal judgment about whether a specific outcome is likely to occur, without reliance on objective data.
Hard Facts
Objective, concrete information that can be quantitatively measured or verifiably observed.
Specific Result
A particular outcome or effect that is aimed for or achieved in a given context.
- Acquire knowledge about the theories of objective and subjective probability and their applications in decision-making scenarios.
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Learning Objectives
- Acquire knowledge about the theories of objective and subjective probability and their applications in decision-making scenarios.
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