The method of probability assessment that is least likely to be used by business decision makers is:
A) subjective assessment.
B) relative frequency of occurrence.
C) classical assessment.
D) None of the above is used by decision makers.

Question

Quizplus · Accepted Answer

Classical assessment, which relies on the assumption of equally likely outcomes, is less commonly used by business decision makers compared to subjective assessment and relative frequency methods, which are more practical for real-world business scenarios.

The Method of Probability Assessment That Is Least Likely to Be