Is It Possible to Establish the Probability of an Event

question 29

Multiple Choice

Is it possible to establish the probability of an event that has already occurred?

• A)No, because by its very nature, probability only applies to future events.
• B)No, because after an event has occurred, we can't determine what all of the other possible outcomes might have been.
• C)Yes, since we could still determine how likely the outcome was, relative to the other outcomes that might have occurred.
• D)Yes, but we can only consider the probability to be 1, since the event definitely happened.
• E)Yes, but the probability cannot be established as precisely as it could have been before the event occurred.

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Definitions:

Cost Overruns

The situation where the actual cost of a project exceeds its originally planned budget.

Technological Factors

Elements related to innovations, advancements, and changes in technology that affect businesses, societies, and environments.

CEO's Preference

The particular choices or inclinations of a Chief Executive Officer of a corporation, often reflecting their strategic priorities and management style.

Environmental Factors

External elements, including social, economic, technological, and natural conditions, that affect individuals, organizations, and societies.