Question

Belinda Bose is reviewing a newly proposed advertising campaign. Based on her 15-years’ experience, she believes the campaign has a 75% chance of significantly increasing brand name recognition of the product. This is an example of assigning probabilities using the ________________ method.

Answer 1

Answer:

Subjective probability

Explanation:

Subjective probability is the kind of the probability which is derived from the personal experience or judgement of an individual about the possibility of the occurrence of a specific outcome.

Subjective probability does not contain any formal calculations and it reflects only the opinions and the past experience of the subject.

In the given case study, Belinda Bose is using the subjective probability method.

Answer 2

Answer: Subjective probability

Explanation:

Subjective probability is referred to known as a kind of probability which is derived from a person's personal experience or judgment about a specific outcome i.e. whether it is likely not to occur or vice versa. It also tends to contain no formal evaluation or calculations and thus only reflects an individual's past experience and opinions. Subjective probabilities tends to differ from individual to individual and also tends to contain a higher degree of the personal bias.