Initial estimates of the probabilities of events are known as

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BlackTom AI · Accepted Answer

The question asks about the term used for the initial estimates of how likely events are to occur. 
Option 1: Sets. This is not the standard terminology for probabilities themselves; a set is a collection of outcomes, not a probability estimate. Using 'sets' here introduces a structural concept rather than a probabilistic estimate. 
Option 2: Posterior probabilities. These are the probabilities updated after observing data or evidence; they reflect new information, not the initial belief. So this choice describes a later stage, not the starting estimate. 
Option 3: Conditional probabilities. These are probabilities of an event given that another event has occurred; they depend on a condition and are not the unconditional initial estimates. This option targets a relationship between events rather than a starting belief about likelihood. 
Option 4: Prior Probabilities. This term precisely designates the initial estimates of how likely events are before observing new data, representing the prior belief in a Bayesian framework. This is the correct conceptual fit for the prompt. 
Therefore, among the options, 'Prior Probabilities' correctly denotes the initial estimates of event probabilities.

MSIS 212 P 1 05 Managerial Decision Making Spring 2025 HW1.Prob.theory

Initial estimates of the probabilities of events are known as

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