We generally categorize a probability as either subjective or objective. A subjective probability is calculated by drawing
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We generally categorize a probability as either subjective or objective. A subjective probability is calculated by drawing on personal and subjective judgment. Empirical probabilities and a priori probabilities are considered objective because they do not vary from person to person. An empirical probability is calculated from data as a relative frequency of occurrence. An a priori probability is based on logical analysis rather than on observation or personal judgment. P-258
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Business Statistics Communicating With Numbers
ISBN: 9780071317610
1st Edition
Authors: Kelly Jaggia
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