Subjective probability is a type of probability that is based on an individual's personal judgment or opinion, rather than on a rigorous mathematical calculation. It is used when there is no objective or empirical way to determine the likelihood of an event.
Examples of subjective probability include a person's belief in the likelihood of their favorite sports team winning a game, the chance of it raining on a particular day based on personal observations, or the probability of a particular stock performing well in the future based on an individual's analysis of the market.
Here are some steps to follow when dealing with subjective probability:
It's important to note that subjective probability is not always reliable, as it can be influenced by bias, emotions, and limited information. However, it can still be a useful tool when making decisions in uncertain or ambiguous situations.