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26 June, 16:29

An entrepreneur who plans to open a cuban restaurant in nashville has a 20 percent chance of success. which kind of probability is it

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  1. 26 June, 17:43
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    Answer: Subjective Probability

    Explanation: An entrepreneur who plans to open a cuban restaurant has 20% chances of success is a subjective probability. Subjective probability is derived from a judgement made by the individual about whether a specific outcome is about to occur or not. It is based on the past experience and subjects' opinions.

    In this case also the entrepreneur has made a subjective probability as there is no base on whether how much is the chance of success. It is just based on the market and opinions and past experiences. So it is a subjective probability.
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