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The answer depends on what you are trying to predict. Suppose you have a discrete random variable X with a probability density function p(X) = prob(X = x), then the expected value of a function f(X) of X is the sum of f(x)*p(x), summed over all possible values of x. For a continuous variable, the procedure is similar, except that you need to integrate rather than sum.
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What is the difference between theoretical probability and empirical probabilities?
empirical probability is when you actually experiment with it and get data values, and theoretical probability is when you use math to make an educated guess.
How can probability be used to make predictions?
Well... with what I learned from Mrs. Franks, mt math teacher, she said for weather. For example there with be a probability of 75 degrees today.
How can you use theoretical probability to make predictions in real-world situations?
Theoretical probability can be used to predict outcomes in real-world situations by applying the mathematical principles of likelihood based on known conditions. For instance, if you know that a die is fair, you can predict the probability of rolling a certain number (1 in 6). This approach is useful in various fields, such as finance for assessing risks, in sports for predicting outcomes of games, or in quality control for estimating the likelihood of defects in manufacturing. By understanding the underlying probabilities, decision-makers can make more informed choices and strategies.
How can you make theoretical probability more accurate?
By ensuring your model is as good as it can be. Make sure that any assumptions that you make for your model are justified and, if necessary, properly reflected in the model.
Why do you need probability in real life?
Because there are many events whose outcomes cannot be determined. However, using probability it may be possible to make a good estimate as to the outcome.Because there are many events whose outcomes cannot be determined. However, using probability it may be possible to make a good estimate as to the outcome.Because there are many events whose outcomes cannot be determined. However, using probability it may be possible to make a good estimate as to the outcome.Because there are many events whose outcomes cannot be determined. However, using probability it may be possible to make a good estimate as to the outcome.
