SCENARIO 18-6 -

question 40

Multiple Choice

---

Definitions:

Subjective Probabilities

Individual assessments or beliefs about how likely events are to occur, based on personal judgment rather than objective data.

Objective Probabilities

Quantifiable likelihood or chance of an event occurring, based on statistical and empirical evidence rather than subjective judgment.

Probabilities

A measure of the likelihood that an event will occur, expressed as a number between 0 and 1, where 1 indicates certainty.

Certainty

The state of being sure or confident about something, often referencing situations in decision-making where outcomes are known.