For the Cases Listed Below, in Which One Would You

question 122

Multiple Choice

For the cases listed below, in which one would you most likely use the subjective approach to assign probability?

• A)the probability of being chosen randomly from your class of 30 students to lead today's class discussion.
• B)the probability that your friend Kyle will pick up the check for lunch.
• C)the probability that you will guess the right answer on a multiple choice test question.
• D)the probability that you produce at least ten heads when you flip a quarter 20 times.
• E)the probability that you will an ace of spades from a 52-card deck of cards.

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Definitions:

Wage Surveys

Studies conducted to gather and analyze data on the wages paid across different jobs, industries, and geographical areas.

Labour Market

Refers to the supply and demand for labor, where employers seek the best individuals for their vacancies and individuals look for their best job opportunities.

Hay Profile Method

A job evaluation technique that analyzes a position based on three major factors: know-how, problem-solving abilities, and accountability, to determine its relative value.

Executive

A high-level manager or administrator in an organization who is responsible for making major decisions and managing operations.