
Practice Makes Improvement in Subjective Probability Estimations

Does the phrase “Subjective Probability Estimation” make you feel uncomfortable? If you’re a data-driven professional, you’re likely wary of each of those terms on their own, let alone combining them into one thing.
But we sometimes need to do it. And we can practice to get better at it.
In this episode, we emphasize the importance of subjective probability estimations in decision-making, especially in situations where concrete data may be unavailable or impractical.
We talk about:
- Exploring the discomfort of subjective probability estimations
- Utilizing Monte Carlo simulations for complex systems analysis
- Addressing bias and improving estimation accuracy










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