Give business examples to support the different parts of your answer. Even though there are different approaches to probability such as the ones listed in the topic question.

The following should give a good working understanding of the concept. Events First, some related terminology: The "somethings" that we consider the probabilities of are usually called events. For example, we may talk about the event that the number showing on a die we have rolled is 5; or the event that it will rain tomorrow; or the event that someone in a certain group will contract a certain disease within the next five years.

Four Perspectives on Probability Four perspectives on probability are commonly used: ClassicalEmpiricalSubjectiveand Axiomatic.

Classical sometimes called "A priori" or "Theoretical" This is the perspective on probability that most people first encounter in formal education although they may encounter the subjective perspective in informal education.

For example, suppose we consider tossing a fair die. There are six possible numbers that could come up "outcomes"and, since the die is fair, each one is equally likely to occur. This perspective has the advantage that it is conceptually simple for many situations.

However, it is limited, since many situations do not have finitely many equally likely outcomes. Tossing a weighted die is an example where we have finitely many outcomes, but they are not equally likely. Empirical sometimes called "A posteriori" or "Frequentist" This perspective defines probability via a thought experiment.

Notice that m and n stand for different things in this definition from what they meant in Perspective 1. In other words, imagine tossing the die times, times, 10, times, Each time we expect to get a better and better approximation to the true probability of the event A.

Example This view of probability generalizes the first view: If we indeed have a fair die, we expect that the number we will get from this definition is the same as we will get from the first definition e. In addition, this second definition also works for cases when outcomes are not equally likely, such as the weighted die.

For example, we may consider randomly picking a positive integer 1, 2, 3, To apply this definition, we consider randomly picking integers, then integers, then 10, integers, Each time we calculate what fraction of these chosen integers are odd. However, the empirical perspective does have some disadvantages.

First, it involves a thought experiment. In some cases, the experiment could never in practice be carried out more than once. Consider, for example the probability that the Dow Jones average will go up tomorrow.How classical probability compares to other types, like empirical or subjective.

Definition of classical probability & formula. How classical probability compares to other types, like empirical or subjective. and it isn’t suited to finding probabilities for a lot of situations.

For . The difference between the classical definition and the empirical are similar to the difference between a theory and an experiment in physics.

The theory is developed in an abstract (perfect) way while the experiments are practical observations. Classical probabilities do not require an action to take place; Empirical probabilities have to have been “performed”. 2) Gather 16 to 30 coins. Shake and empty bag of coins 10 times and tally up how many head and tails are showing.

Classical and empirical probabilities are examined.

Please assist with the steps required to resolve the three statistical problems below? 1. In your own words, describe two main differences between classical and empirical probabilities. The difference between the classical definition and the empirical are similar to the difference between a theory and an experiment in physics.

The theory is developed in an abstract (perfect) way while the experiments are practical observations.

Math - Classical and Empirical Probabilities. by Tee (USA) In your own words, describe two main differences between classical and empirical probabilities.

Gather coins you find around your home or in your pocket or purse. You will need an even number of coins (any denomination) between 16 and

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The Difference Between Empirical and Theoretical Probability | Sciencing