What is the subjective approach to the probability-02393
This subjective question is related to the book/course
vu mth718 Topics in Numerical Methods.
It can also be found in
vu mth718 Mid Term Solved Past Paper No. 11.
Subjective probability is a measure of the strength of a person's belief regarding the occurrence of an event A. Probability in this sense is purely subjective and is based on whatever evidence is available to the individual. It has a disadvantage that 2 or more persons faced with the same evidence may arrive at different probabilities.
Example:
Suppose a panel of three judges is hearing a trial. It is possible that based on the evidence that is presented, two of them arrive at the conclusion that the accused is guilty while one of them decides that the evidence is not strong to draw this conclusion.
