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What is theoretical probability mathematical wise?
Theoretical probability:Theoretical probability is when you decide what is the probability of something using the information that is given to you!
What are the formulas for Theoretical Probability?
There are no generic answers. The theoretical probability for rolling a die and tossing a coin will, obviously, be different. The theoretical probability of an event is calculated by finding a suitable model for the trial and then using scientific laws to determine the probabilities of its outcomes.
Compare experimental and theoretical probability?
Experimental probability is obtained by repeatedly carrying out an experiment. It is the ratio of the number of favourable outcomes and the total number of experiments. Theoretical probability is calculated from a model of the experiment using the laws of physics or nature (or whatever).
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.
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.
