Unit 2 DB

Subjective Probability
“ A probability derived from an individual's personal judgment about whether a specific outcome is likely to occur. Subjective probabilities contain no formal calculations and only reflect the subject's opinions and past experience.” (investopedia.com, 2013)
There are three elements of a probability which combine to equal a result. There is the experiment ,the sample space and the event (Editorial board, 2012). In this case the class is the experiment because the process of attempting it will result in a grade which could vary from an A to F. The different grades that can be achieved in the class are the sample space. The event or outcome is the grade that will be received at the end of the experiment. I would like to achieve an “A” in this class but due to my lack of experience in statistical analysis, my hesitation towards advanced mathematics, and the length of time it takes for me to complete my course work a C in this class may be my best result. I have a 1/9 chance or probability to receive an “A” in the data range presented to me which is (A,A-,B,B-,C,C-,D,D- AND F).
By the grades that have been posted I would say that the other students have a much better chance of receiving a better grade than mine. I have personally use subjective probability in my security guard business in bidding on contracts based on the clients involved , the rates that I charge versus the rates other companies charge and the amount of work involved to fulfill the agreement. I currently provided security guard services in 11 Asian owned shopping centers and with right elements in place will gain 11 more by utilizing the same pricing model . References EditorialBoard. (2012). Elementary statistics (1st ed.). Words of Wisdom, LLC Subjective probability. (2013). Retrieved from http://www.investopedia.com/terms/s/subjective_probability.asp#axzz1mVTM0nEV
Feller, W. (1968), An Introduction to Probability Theory and its Applications (Volume 1). ISBN 0-471-25708-7[page needed]