1. Home
  2. Docs
  3. Business Statistics
  4. Probability
  5. Approaches to Probability

Approaches to Probability

  • Classical (or Mathematical or a priori) approach
  • Relative frequency (or statistical or empirical) approach
  • Subjective approach

image 9
  • Assumes equal likelihood, which may not always be realistic in real-world scenarios.
  • Applicable mainly to finite sample spaces.

image 17
image 10
  • Large number of trials made under similar and homogenous condition.
  • The experiments are random. As there is no bias in favour of any outcome, all events enjoy equal chance of selection.

  • Requires a large number of trials for accurate probability estimates, which may not always be feasible.
  • Does not provide probabilities for one-time or unique events.

image 11
image 13
image 15
image 14
image 16

How can we help?

Leave a Reply

Your email address will not be published. Required fields are marked *