Asked by Kailash Swamynathan on Sep 25, 2024
Verified
You think you have a 90% chance of passing your next advanced financial accounting exam.This is an example of subjective approach to probability.
Subjective Approach
A method based on personal opinions, interpretations, points of view, emotions and judgment.
Financial Accounting
The field of accounting that focuses on reporting a company's financial information to external users, such as investors and creditors.
Probability
The measure of the likelihood that a specific event will occur.
- Gain an understanding of the core concepts and tactics in probability, including subjective, relative frequency, classical, and objective methods.
Verified Answer
AP
Andrei Plamadeala3 days ago
Final Answer :
True
Explanation :
The statement is based on the individual's personal opinion or estimation, rather than on objective data or mathematical calculations. This makes it an example of subjective approach to probability.
Learning Objectives
- Gain an understanding of the core concepts and tactics in probability, including subjective, relative frequency, classical, and objective methods.