A decision maker should use subjective probability rather than objective probability
A decision maker should use subjective probability rather than objective probability
Homework Answers
Answer: No,
A decision maker should use objective probability rather than subjective probability.
Subjective probability- It is a type of probability that is derived from own experience or perception. It does not include any calculation, it is based on qualitative factors and reflect the subject's opinion. It differs from person to person. It is based on individual belief.
Objective probability- This uses mathematical data and calculation. This is a probability of occurrence of an event based on a recorded observation. It examines past data with the help of calculation to determine the likelihood of an independent event occurring. Occurrence of independent event is not influenced by prior events.
Objective probability is more accurate in taking decisions.
Add Answer to:
A decision maker should use subjective probability rather than
objective probability
Accounting estimates, by their nature _______. Select one: a. involve subjective decision making on the part...
Accounting estimates, by their nature _______. Select one: a. involve subjective decision making on the part of management b. should not be estimated by management, but rather by the auditor at the end of the period c. involve objective decision making on the part of management d. should cause little or no variance at the end of the period
What's the difference between : 1.Objective Risk vs. Subjective Risk 2.Peril and Hazard 3.Objective Probability vs....
What's the difference between : 1.Objective Risk vs. Subjective Risk 2.Peril and Hazard 3.Objective Probability vs. Subjective Probability 4.Pure and Speculative Risk 5.Diversifiable Risk and Non diversifiable Risk
In multiple objective decision making, the tradeoffs a decision maker is willing to make between different attributes ar...
In multiple objective decision making, the tradeoffs a decision maker is willing to make between different attributes are captured by: a. the set of objectives. b. single-attribute value functions. c. attribute weights. d. z-scores.
A decision maker subjectively assigned the following probabilities to the four outcomes of an experiment: PE)0.10,...
A decision maker subjectively assigned the following probabilities to the four outcomes of an experiment: PE)0.10, PE2)0.15, PE)03, and PE4) 0.30. Are these probability assignments valid? Explain. Yes, o s P(E) S 1 for all i and the probabilities' sum is greater than 1 Yes, o PE)1 for all i and the probabilities' sum is less than 1. No, the probabilities do not sum to 1 No, the subjective method requires that all probabilities be equal
In fewer than 500 words, argue that beauty is an objective quality,and not a subjective taste.5(Hint:...
In fewer than 500 words, argue that beauty is an objective quality,and not a subjective taste.5(Hint: first, define beauty in a reasonable manner. Then, destroy the subjective argument, by showing that it is logically empty based on your definition)
Nutritional screening for young children is extremely important. Identify objective and subjective data that should be...
Nutritional screening for young children is extremely important. Identify objective and subjective data that should be obtained during the screening process
Which of the following is a factor in the decision to use exponential smoothing rather than...
Which of the following is a factor in the decision to use exponential smoothing rather than moving-average smoothing to forecast a given time series? Forecast horizon. Expertise of the forecast manager. Amount of data available. None of the options are correct.
Suppose the utility function of a decision maker for the amount of money x is given...
Suppose the utility function of a decision maker for the amount of money x is given by U(x) = x2. (a) This decision maker is considering the following two lotteries: A: With probability 1, he gains 3000. B: With probability 0.4, he gains TL 1000, and with probability 0.6, he gains TL 4000. Which of the two lotteries will the decision maker prefer? What is the certainty equivalent (CE) for lottery B? Based on the CE for B, is the...
You read an NEJM article on surrogate decision maker statutes for this module, which illustrates the...
You read an NEJM article on surrogate decision maker statutes for this module, which illustrates the inconsistency in terminology and eligibility to serve as a surrogate decision maker. However, the reality of incompetent patients and surrogate decision makers is not always very clear. Consider the following: A patient presents with gangrene and requires a leg amputation. The patient refuses the amputation, and persisted in the refusal. She also has a history of cognitive deterioration, and it is possible that her refusal...
Indicate whether classical, empirical, or subjective probability should be used to determine each of the following...
Indicate whether classical, empirical, or subjective probability should be used to determine each of the following probabilities. a) The probability that six coins will land on heads . b)The probability of there being at least 32.1 inches of rainfall next year in a certain country. c)The probability that a certain football team will win the trophy. d)The probability that the ticket 9 1 7 2 3 will win the lottery. a) "The probability that six coins will land on heads"...
A decision maker subjectively assigned the following probabilities to the four outcomes of an experiment: PE)0.10, PE2)0.15, PE)03, and PE4) 0.30. Are these probability assignments valid? Explain. Yes, o s P(E) S 1 for all i and the probabilities' sum is greater than 1 Yes, o PE)1 for all i and the probabilities' sum is less than 1. No, the probabilities do not sum to 1 No, the subjective method requires that all probabilities be equal
Most questions answered within 3 hours.
-
IN PYTHON ONLY !! Program 2: Re-work
program #5 (WeeklyHours) from the previous assignment such that...
asked 22 minutes ago -
The average length of time between arrivals at a turnpike
toll-booth is 26 seconds. What is...
asked 2 hours ago -
(a) A piston at 6.1 atm contains a gas that occupies a volume of
3.5 L....
asked 3 hours ago -
Please answer true or false. Words
cannot be changed or added in to make it true...
asked 3 hours ago -
An empty test tube weighs 15.923 grams. Then,
MgCl2•6H2O is added into the test tube. After...
asked 3 hours ago -
Assume memory access is 10 units of time and disk access is
10000 units of time....
asked 3 hours ago -
1. Are all good samples random?
2. Magazines often report surveys giving statistics such as “63%...
asked 3 hours ago -
Under all the various types of market structures, firms
must eventually earn some economic profits for...
asked 3 hours ago -
Consider the following fitness regime for a single locus trait
with two co-dominant alleles: w11 =...
asked 3 hours ago -
A large cable company reports the following.
80% of its customers subscribe to its cable TV...
asked 4 hours ago -
Please answer the question in brief.
Discuss the role of ERP in organizations. Are ERP tools...
asked 3 hours ago -
Discuss the pros and cons of collaborative software such
as SameTime. Does it increase productivity? What...
asked 3 hours ago