If an investor were interested in assessing the probability that a new supermarket will be successful in a Calgary market area, he would most likely use the relative frequency definition of probability as the method for assessing the probability of success.

Question

Quizplus · Accepted Answer

The relative frequency definition of probability is based on repeated trials and observing the frequency of an event occurring. It is not a suitable method for assessing the probability of a single event such as the success of a new supermarket in a specific market area. Other methods such as expert opinion, market analysis, and historical data would be more appropriate.

If an Investor Were Interested in Assessing the Probability That