A telecommunications company is interested in determining the likelihood of a new breakthrough technology being developed in the next ten years. What type of probability would they use to estimate the likelihood?
A) Relative Frequency
B) Classical (Theoretical)
C) Personal (Subjective)
D) Model-Based
E) Empirical

Question

Quizplus · Accepted Answer

Since there is no clear past data to determine the likelihood of a new breakthrough technology being developed, the company would have to use subjective opinions and judgments to estimate the probability. Personal (Subjective) probability is used when there is no past data to base the probability on.

A Telecommunications Company Is Interested in Determining the Likelihood of a New