Types of Probability assignment help
Probability is a statement about the possibility of occurrence an event that is expressed as a numerical value
between 0 and 1. It is a useful tool to measure chances of occurrence of a particular event in case of tossed a coin, drawing a card etc. For example, the probability of a coin toss resulting either heads or tails is 1 due to lack of other options. It is categorized in three types such as empirical, classical (theoretical) and objective that are useful to determine probability of any event (Kozak & Staudhammer, 2008). Two main types of probability are discussed below – Classical Probability Theoretical probability is a classical or objective approach in which probability is determined from the information of sample space and an event from random experiment (Black, 2011).
Generally, classical probability of an event is defined as: Under this approach, the above formula is useful to calculate probability of occurrence of any event by identifying main event (A), number of possible outcomes (m) and sample space (n). Example: If a company has 400 workers in which 140 are female workers, probability of randomly selecting a female worker from this company is calculated as: Possible outcomes (m) = 140 Total number of possible events (n) = 400 Then, probability of randomly selecting a female worker will be – = 0.35 Empirical Probability It is also known as experimental or relative frequency probability. Empirical probability can be defined as the ratio of number of outcomes in which an event has occurred in total number of trails (Kozak & Staudhammer, 2008). The empirical probability of an event E is defined as: This probability approach is based on tests of the experiments that are conducted to determine best possible results. It is because; generally empirical probability determines probabilities from experience and observations (Black, 2011). Example: A survey of 100 college students is conducted that provides following results in terms of class rank and gender. Then, probability of occurrence rank A will be – = 0.35 = 0.10 Similarly, the probability of occurrence of any rank in case of male and female are determined by using the above process.
References Black, K. (2011). Business Statistics: For Contemporary Decision Making (7th ed.). USA: John Wiley & Sons. Kozak, A & Staudhammer, C. (2008). Introductory Probability and Statistics: Applications for Forestry and Natural Sciences. CABI.
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