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Subjective Probability can be defined as a probability derived from an individual’s interests towards judging whether a specific outcome might occur. There are no formal calculations in this type of probability. It is only concerned with reflecting the subject’s opinions and the past experience. Subjective probabilities vary from person to person, and they consist of a high degree of personal bias. Subjective probability is considered to be highly flexible, even in terms of individual’s belief. We generally determine a probability mathematically. This is basically carried out by applying the theories or by conducting experiments. However, in some cases a probability cannot have specific bearing nor it is possible carry out trials. In such cases, the probability of the events is estimated by an individual’s point of view. This type of probability is called as subjective probability. . The detail description and analysis of Subjective Probability is given by Subjective Probability Assignment Help Online.
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Let us consider an example of a football tournament. We can infer that the subjective probability is the correct determination about the outcome of the tournament. We will explain how it is practically rendered and the bias factor is eliminated. The prediction does not come to its conclusion by a single subjective probability. Clear Set of examples can be viewed at Subjective Probability Assignment Help Online.
In another example, to locate water, petroleum or minerals lying underground, dowsers are employed in order to predict the probability of existence of the required material. A dowser applies such methods that are not scientifically proven. In this case the probability is an example of subjective probability. It is interesting to know that the subjective probabilities of famous dowsers turn out to be fairly accurate and precise. All the lists of Minerals and resources involved can be gathered from Subjective Probability Assignment Help Online.
Merits and demerits:-
First and foremost merit of a subjective probability is that it helps in situations where the theoretical probability will not be realistic and in situations where it is not possible to conduct experiments. For example, if a soccer tournament is going to be held between Germany and Spain. There is a theoretical probability of victory of either team is 50%. But this does not give a real picture.
The subjective probability determined by the audience is said to be realistic. But one may argue that a subjective probability may be a biased one since it is an individual opinion. It is more so, if the subjective probability is found out by a fan of any of the teams. The various techniques can be better understood and necessary materials can be provided by Subjective Probability Assignment Help Online Service.
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