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:

Timers

Devices or software tools that measure time intervals, commonly used in industrial control systems to control operations and processes over time.

Motor(s) Start(s)

The process of initiating the operation of an electric motor, activating its mechanism to begin rotation or movement.

Accuracy

The degree to which the result of a measurement, calculation, or specification conforms to the correct value or a standard.