If a manager were interested in assessing the probability that a new product will be successful in a New Jersey market area, she would most likely use relative frequency of occurrence as the method for assessing the probability.

Question

Quizplus · Accepted Answer

Relative frequency of occurrence is based on historical data of similar events, but for a new product with no past data, subjective probability or market research would be more appropriate.

If a Manager Were Interested in Assessing the Probability That