What Method of Probability Assessment Would Most Likely Be Used

question 22

Multiple Choice

What method of probability assessment would most likely be used to assess the probability that a customer will return a purchase for a refund?

• A) Classical probability based on the ratio of the number of ways the event can occur
• B) Relative frequency based on previous history
• C) Subjective probability based on expert opinion
• D) Independent probability based on two unrelated outcomes

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Definitions:

Consumer Bill of Rights

The Consumer Bill of Rights is a set of guidelines that aim to protect consumers in the marketplace by ensuring fair trade practices and the right to safety, to be informed, to choose, and to be heard.

Corporate Culture

The shared values, beliefs, attitudes, and practices that characterize an organization and shape its behavior and its employees'.

Ethical Behavior

Conduct that aligns with accepted moral guidelines or principles, typically characterized by fairness, integrity, and responsibility.

Codes of Ethics

A set of principles and guidelines designed to help professionals conduct business honestly and with integrity.