Answer
Subjective probability.
Work Step by Step
.80 is just the probability assigned to an event based on subjective judgment by the president of the company.
Introductory Statistics 9th Edition
by Mann, Prem S.
Published by
Wiley
ISBN 10:
1-11905-571-7
ISBN 13:
978-1-11905-571-6
Chapter 4 - Section 4.2 - Calculating Probability - Exercises - Page 139: 4.17
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