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The Concept of Probability

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Unit 2: The Concept of Probability
Tammie Shaw
BUSN311-1204B-08: Quantitative Methods and Analysis
10/14/2012
Irene Tsapara

Abstract
This paper will provide you with information on how my probability of getting an “A” in this class is very scarce. You will find out how my other classmates would succeed in this class, and how I would use subjective probability later on in life. There will also be examples of businesses that will use subjective probability within their company.
Unit 2: The Concept of Probability
I think that my chances of getting an “A” in this class are very impossible. There is no way possible for my outcome to be the same as the others, because my grades are already failing grades. The math process will be provided so that a determination of what grade I might receive. The determination of this problem is an example of subjective probability because it is an educated guess. I think that it would probably be a 10 percent chance of me getting an A in this class. The figures were determined by the five grades being divided into the 9 assignments that will give me a total of 3.5 or 3 1/2.
Empirical probability was better for me to choose in determining my outcome of me not receiving an “A” this time, as well as the last times. 25 plus 0 equals 25 divided by the possible score of 200 gives me a score of .12 or 12% and it is considered an “F.” I think that it is a very small chance of me getting an “A” because my grades are all ready behind. (Editorial Board, 2011).
I believe that classical probability could provide the same outcome. But, empirical probability provides the difference in the base on the grades that could possibly be received in the first two assignments. Now, with all of this being said there is no way that all of us will be able to have the same outcome.
An estimated guess is called a subjective probability when it

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