(a) Explain why important decisions in organisations are often based on subjective information. [20 marks] (b) Describe a systematic, structured approach for estimating subjective probabilities using a group of assessors and explain the role played by each stage in the process. [35 marks] (i) Discuss the difficulties encountered when trying to assess the probabilities of rare events using most methods designed to help assessors visualise the chances of an event occurring. [15 marks] Outline one approach which can be used for accurately assessing subjective probabilities of rare events and how this approach helps overcome the difficulties you outline in (c)(i). [30 marks]