Rationale behind estimatation

Reference no: EM1394100

Subjective Probability id defined as a probability "found by simply guessing or estimating its value based on knowledge of relevant circumstances." For example, the probabilities assigned by meteorologists to predict the weather are subjective, even though they may take into account historical data. Using your own experience, estimate the probability the local weather forecast is correct. Explain the rationale behind your estimate.

Reference no: EM1394100

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