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Subjective probability is the judgement of the individual about an event whether the specific outcome occurs or not. It measures on the basis of past experience and subject's opinions. It plays a great role in in decision making and modern management sciences. Subjective probability can be worked on the situation where experiments cannot be conducted and theoretical probability is unrealistic. Subjective probability on the basis of individual opinion can be considered as biased.It is done by individual judgement and differ from person to person. Subjective probability is numerically derived by
P(event) = degree of belief that the event is true. In numerical form event is represented by the term ‘X’. Subjective probability does not give the exact value, it always gives result in the form of 0or1.
0 means event will not occur and 1 means event will occur.