Initial estimates of the probabilities of events are known as
A) subjective probabilities.
B) posterior probabilities.
C) conditional probabilities.
D) prior probabilities.

Question

Quizplus · Accepted Answer

Initial estimates of probabilities of events are known as prior probabilities, as they are made prior to any observations or new information. Subjective probabilities refer to probabilities that are based on personal beliefs or opinions, while posterior probabilities are based on updated probabilities after new information is obtained. Conditional probabilities refer to the probability of an event occurring given that another event has already occurred.

Initial Estimates of the Probabilities of Events Are Known as