SOLUTION: Using your own words define subjective probability. Identify an advantage and disadvantage of this type of probability. Provide an example of subjective probability related to the

Question 1173795: Using your own words define subjective probability. Identify an advantage and disadvantage of this type of probability. Provide an example of subjective probability related to the weather.
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
Subjective probability is what one thinks it will be. If one has considerable experience, this may be a decent estimation. Based on the clouds, I would say there is a 30% chance of rain. It is highly unlikely I have actually measured those events, let alone accurately. That should mean that I have seen these clouds many times, and when I have, 30% of the time it rained. Subjective probability is easily under or over estimated and often is based on specific events or emotional considerations, so it can be significantly inaccurate.
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