Question

3
36. Which one of the following is NOT a rule for estimating
the likelihood of outcomes of any decision ?
(a) Assessing utility (b) Representativeness
(c) Availability (d) Adjustment​

Answer 1

Explanation:

The general rule for estimating is to look at the digit to the right of the digit you want to estimate. Estimating or rounding to the nearest whole number means looking at the digit to the right of the decimal. If you see a digit greater than 5, round up, and if it's less than 5, round down.

Answer 2

Answer:

The correct option is a) Assessing utility

Explanation:

• The level of belief in the possibility of a certain result is measured by subjective probability.
• There are no explicit calculations or utilities needed. It is predicated on the subject's perception and prior knowledge. From one to person, it varies.
• It has a lot of personal prejudice in it. It is influenced by a person's various views. For instance, based on historical trends and the current state of the market, an analyst may predict the opening of the Sensex.
• The opposite of subjective probability is objective probability. It is supported by data, research, and mathematical testing.

It also goes by the name frequency probability. Example: The chance of receiving heads on a coin is 30%.

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