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Earn +20 ptsQ: Upon what two factors is the probability of earthquake occurrence based?
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Continue Learning about Math & Arithmetic
What is probability that is based on data?
It is called 'Experimental Probability'.
Difference between objective probability and subjective probability?
Objective probability is based on some basis of fact, experimentation, or analysis. Subjective probability is based on someones guess.
What is the calculated probability based on relative frequency?
It is the empirical or experimental probability.
What is a probability is based on repeated trials of an experiment?
It is empirical (or experimental) probability.
When could you use theoretical probability?
When there is a good theoretical model for the experiment and the model allows you to identify all the factors affecting the outcome and determine their impact on the outcome. Even if you cannot identify all the factors, you can still use theoretical probability but the predictions from your model will be less reliable. Econometrics is a good example of using theoretical probability based on an incomplete understanding of the model.
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