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What is the value of data?
IMHO, the value of a set of data is based on the economic value that can be realized using that data, and the probability that someone will apply the data to realize that value. Is this the kind of answer you are looking for? If so, we could develop an example case.
What is the importance of probability and statistics?
The importance of probability and statistics can be found in many business aspects. For example, a loan officer at a bank is going to need to analyze statistical data to determine the feasibility of a loan on a house in a given area. Scientists use probability and statistical data when performing experiments. It is also used in astronomy to calculate where a given star will be at a given time based on past statistical data.
Difference between objective probability and subjective probability?
Objective probability is based on some basis of fact, experimentation, or analysis. Subjective probability is based on someones guess.
What is a probability is based on repeated trials of an experiment?
It is empirical (or experimental) probability.
What is the calculated probability based on relative frequency?
It is the empirical or experimental probability.
