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Unit 2 DB Quantitative Methods and Analysis

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Unit 2 DB Quantitative Methods and Analysis

1. The probability of receiving an A grade in this class is very likely. Probability is the likelihood or unlikelihood of something happening (Waters, 2008). The reason for this assessment is informed by various reasons. The fact that the instructor is well versed with the topic creates confidence in the fact that it is possible to receive an A grade. In addition, constant practice enables one to be better hence this likelihood.

2. It is not possible for the other students in the class to come up with the same conclusions. This is unless they share similar opinions. Even if they arrive at the same conclusion, it is possible that they will have different reasons that have been fashioned by the differences in individuals. The conclusions drawn are going to be drawn from the different experiences each student is undergoing in the class.

3. Subjective probability is a probability that has been obtained from an individual’s personal judgment about the possibility of something to take place (Burton, Carrol, & Wall, 2002). In subjective probability, no prescribed calculations are carried out. Instead, it reflects the personal opinions of a subject and experiences. Since probability is subjective, it has a high level of bias and it is often difficult to deduce the truth in the statements.

4. The fact that I once saw a man slip on a wet floor and fall, I have always believed that a wet floor creates a high probability for one to slip and fall when the floor is wet. However, this does not always happen. This is subjective probability because slipping on a wet floor is informed by personal opinion and not accurate. It does not mean that if one man fell, everyone else will fall. In the future, personal experience may continue to dictate the use of subjective probability.

References

Burton, G., Carrol, G., & Wall, S. (2002). Quantitative methods for business and economics. Harlow: Financial Times Prentice Hall.

Waters, C. D. J. (2008). Quantitative methods for business. Harlow, England: Financial Times/Prentice Hall.

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