Why would a business person use subjective probabilities? Aren't subjective probabilities just guesses? How can they hav

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answerhappygod
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Why would a business person use subjective probabilities? Aren't subjective probabilities just guesses? How can they hav

Post by answerhappygod »

Why would a business person use subjective probabilities? Aren't
subjective probabilities just guesses? How can they have any
reliability in a decision-making situation if they are not based on
some chance process or at least historical data on the relative
frequency of events that have happened in the past?
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