Final answer:
Subjective probability has limited use in the real world, especially in situations where accuracy and reliability are important. Objective probability based on mathematical calculations and data is more widely used and reliable.
Step-by-step explanation:
Subjective probability refers to the probability that is assigned based on personal judgment or opinions, rather than objective data or mathematical calculations. It is true that subjective probability has limited use in the real world, especially in situations where accuracy and reliability are important.
In contrast, objective probability, which is based on mathematical calculations and empirical data, is widely used in various fields such as science, engineering, and finance.
For example, in physics, probability theory is essential for understanding the quantum mechanical behavior of particles and systems. In medicine, probability is used for diagnosing diseases and predicting treatment outcomes. In business, probability is used for risk assessment and decision-making.
Overall, while subjective probability may have some uses in personal decision-making or informal contexts, objective probability based on mathematical principles is much more reliable and widely applicable in the real world.