Answer in Statistics and Probability for Iman Dayr #86733
Probability is the measure of the likelihood that an event will occur.
There are different types of probability.
1) Classic Probability
The classical approach to probability often involves coin tossing or rolling dice. It is calculated by listing all of the possible outcomes of the activity and recording the actual occurrences. For example, if you are tossing a coin, the possible outcomes are either heads or tails. If you toss the coin 10 times, you record which outcome occurred each time you tossed the coin.
2) Experimental Probability
Experimental probability is based on the number of possible outcomes by the total number of trials. When tossing a coin, the total possible outcomes are two, heads and tails. The total number of trials is determined by the total times the coin is flipped. If the coin is flipped 50 times and it lands on heads 28 times, then the theoretical probability is 28/50.
3) Theoretical Probability
Theoretical probability is an approach that bases the possible probability on the possible chances of something happen. For example, if you want to know the theoretical probability that a die will land on a number “3” when rolled, you must determine how many possible outcomes there are. On a die, there are six numbers, offering six possibilities. To land on a three, you have a one-in-six, or 1:6, chance of it landing on a “3”.
4) Subjective Probability
Subjective probability is based on a person’s own personal reasoning and judgment. It is the probability that the outcome a person is expecting will actually occur.