Reference no: EM131985810

(1) Use the probability wheel and direct estimate methods to elicit a colleague's subjective probabilities for the outcomes of a forthcoming sports event (e.g. a snooker tournament). Check for consistency between the assessment methods and use the addition rule to evaluate the coherence of the probabilities that your colleague has assessed.

(2) Use the probability method to elicit a colleague's subjective probability distribution for his or her marks in their next decision analysis assignment.

(3) Repeat the above exercise for predictions of the starting salary distribution in his or her first employment after completing their current educational course of study.