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Subjective Probability
Probability may be determined by a personal statement of how likely an outcome is in a single trial or repetition of the same experiment.
Since subjective probabilities are based on personal judgement, they are peculiar to the individual making the decision. The probability statement depends upon the individual's experience and his familiarity with the facts of the case. Two decision makers with the same amount of information would make different subjective probability estimates of the occurrence of a particular event.
Example
An expert analyst of share prices may give his judgement that the price of ACC shares has a 20% probability of increase i.e., by Rs.500 or more in the next two months, a 60% probability of increase i.e., by less than Rs.500 in the next two months and a 20% probability of remaining unchanged or registering a slight fall.
assinment
From the data given below calculate the value of first and third quartiles, second and ninth deciles and forty-fifth and fifty-seventh percentiles.
Vector Function The good way to get an idea of what a vector function is and what its graph act like is to look at an instance. Thus, consider the following vector function.
Measures of Dispersion - The measures of dispersion are extremely useful in statistical work since they indicate whether the rest of the data are scattered away from the mean
what is the lowest term of 11/121
x^2 + 10x +2 4
The backwards Euler difference operator is given by for differential equation y′ = f(t, y). Determine the order of the local truncation error. Explain why this difference o
Company A and Company B have spent a lot of money on research to develop a cure for the common cold. Winter is approaching and there is certainly going to be a lot of demand for th
Q. Adding Fractions with the Same Denominator? Adding fractions with the same denominator is easy- you add the numerators (the tops), and you leave the denominator alone!
The revenue and cost functions for producing and selling quantity x for a certain production facility are given below. R(x) = 16x - x 2 C(x) = 20 + 4x a) Determine the p
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