Answer:
SUBJECTIVE PROBABILITY involves estimating a probability by using personal judgment or an educated guess
Step-by-step explanation:
SUBJECTIVE PROBABILITY
Subjective probability is a type of probability from an individual's personal judgment or educated guessown about whether the likeliness of occurrence of a specific outcome. It contains no formal calculations and only reflects the subject's opinions and past experience.
Subjective probabilities contains a high level of bias as it differ from individual to individual.
Example of Subjective Probability:
Asking a football fan the probability of his team winning a football match.
Subjective probability is unlike objective probability, which is the computed probability that an event will occur based on an analysis in which each measure is based on experiment.
