User:Godfredabledu/Probability/Syllabus/Approaches to Probability
- Priori Classical Probability: The probability is based on the assumption that the outcomes are equally likely. The probability of success is based on prior knowledge of the process involved. In the simplest case where each event is equally likely, the chance of occurrence of the event is defined as follows
- Empirical (Relative Frequency) Probability:Although the probability is defined as the ratio of the number of favourable outcomes, these outcomes are based on observed historical (past) data.. This type of probability could refer to the proportion of individuals who actually purchase a television set, who prefer a certain political party, or who have a part time job while attending school. The probability of an event happening in the long run is determined by observing what fraction of that similar events happened in the past.
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