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In this video, we are going to discuss subjective probability
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So, subjective probability uses a probability value based on an educated guess or estimate
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employing opinions and inexact information. So, in case of subjective probability is nothing but a probability of occurrence of an event
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which will be calculated or which will be guessed on some estimate, with some educated guess or estimate
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and employing some opinions and in exact information. A physician might say that on the basis of heart diagnosis
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there is a 30% chance the patient will need an operation. So this is the probability that the physician or the doctor has suggested
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A seismologist might say there is an 80% probability that an earthquake will occur in a
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a certain area. So, in this way, whenever we are trying to get some estimates from some, from some
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guesswork and in exact information, then we shall say that it is falling this particular
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probability calculation is falling under the subjective probability. I think you are getting this idea
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So here we have discussed in this way in the last two videos and this video, we have discussed
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all the three types of probabilities. Thanks for watching this video
