Different types of probability

Assignment Help Basic Statistics
Reference no: EM131038346

Applying Probability

There are three approaches to finding probability that you discussed in this unit; theoretical probability, relative frequency probability, and subjective probability. From your own experience either personally and/or professionally provide one example of where you have encountered each of these different probabilities. Be sure to explain why the example you cite is an example of the particular approach to finding probability

This week we are looking at Probability! There are three different types of probability-

The first is Theoretical Probability, which is the probability of what could happen (in theory) based on the options available. For instance, we can determine the theoretical probability of a coin landing on heads with one flip as 1/2. This is because there is one way to land on heads over the two possible ways the coin could land.

The second is Relative Frequency (sometimes referred to as Experimental or Empirical Probability). This is found by performing an experiment and looking at the probability of what actually occurred. If we actually flipped a coin 4 times and it landed on heads 3 of those times, then the relative frequency probability is found as 3/4. The relative frequency probability for tails would be 1/4.

The third is Subjective Probability. This is the type of probability that is based on your "gut feeling" or using your best judgement!

I hope this helps you get started on the discussion response for this week! I am looking forward to reading your thoughts!

200 words with references!

Reference no: EM131038346

Questions Cloud

Theoretical concepts and principles to true-life situation : - Case problems are designed to give the student an opportunity to apply theoretical concepts and principles to a true-life situation. - Read the case and then follow these steps to help you think through the problem and prepare a logical analysis:
Argue for or against the proposition that you can learn : Argue for or against the proposition that you can learn profound truths about yourself and the world by immersing yourself in nature. Use one short quote from Barry Lopez's "Children in the Woods" as one means of development and support in your es..
Focus on one perspective of what venturi believes in : Choose a building or architectural project (it can be unbuilt) from 1960 - 2016 that supports/illustrates Venturi's argument. This chosen work should be something you can research and cite.
Write rhetorical analysis for bernie sanders advertisement : Write a rhetorical analysis for Bernie Sanders' television advertisement: "Rigged Economy" (https://www.youtube.com/watch?v=f3hDNpg6IQc) in which you identify the strategies
Different types of probability : This week we are looking at Probability! There are three different types of probability- The first is Theoretical Probability, which is the probability of what could happen (in theory) based on the options available
Which behaviors do you demonstrate : Evaluate your own performance as a morally responsible group member. Which behaviors do you demonstrate? Which do you need to develop? What specific steps might you take to improve?
What do you think intelligence is : Focused on the role of human intelligence. In your own words, what do you think intelligence is? Do you think intelligence is something you are born with or something that you can grow and develop?
Strength of the correlation coefficient : Pick any two variables that you feel may be related and estimate what you think the strength of the correlation coefficient would be for those two variables
What is the most appropriate course of action for mark : What are the significant diagnostic markers ("red flags") that indicate acute alcohol withdrawal syndrome for Mark? What is the most appropriate/safest course of action for Mark? Support your response.

Reviews

Write a Review

Basic Statistics Questions & Answers

  Normally distributed random variables having mean

Supposes that the diameter of bearings are independent normally distributed random variables with mean µB = 1.005cm and variance σ²B = (0.003)² cm² . The diameter of shafts are independent normally distributed random variables having mean µB = 0.9..

  Example of seasonal fluctuations

Choose a product you are familiar with as a consumer. Answer the following. What type of demand patterns would that product have - cyclical, secular, seasonal, etc. or a combination of several types? Explain.

  A shipment of 30 tires arrived at a tire shop this past

a shipment of 30 tires arrived at a tire shop this past weekend and unknown to the manager eight of the tires are

  The nba sample mean minues the high school sample mean is

guy thinks that nba players in general are taller than high school basketball players. he has measured 5 nba players

  Anova-mean square and common pop variance

In an effort to counteract student cheating, the professor of a large class created four versions of a midterm exam, distributing the four versions among the students in the class.

  Solving problem by statistical process control method

This table gives three measurements of 10 samples made in a production run. Use statistical process control method to solve problem.

  Examples of the business outcomes

Can you envision circumstances under which these outcomes would not be normally distributed? Provide three distinct examples of the business outcomes that are not normally distributed.

  Show that y poisson if number of home owners registered

Each customer has probability p of being a home owner independently of all other customers. Let Y be the number of home owners registered. Show that Y~Poisson.

  Lessor entries-sales-type lease-bench inc

Bench Inc., an equipment manufacturer, leased a machine to Unicycle Company on January 1, 2014. The lease is for a 6-year period and requires equal annual payments of $41,747 at the beginning of each year.

  An electrical firm manufactures light bulbs that have a

an electrical firm manufactures light bulbs that have a length of life that is approximately normally distributed with

  Sat test-normally distributed with a mean score

Scores by women on the SAT-I test are normally distributed with a mean score of 998 and a standard deviation of 202. scores by women on the ACT test are normally distributed with a mean of 20.9 and a standard deviation of 4.6 assume the two tests ..

  How many different ways to be appointed head of division

How many different ways to be appointed head of a division How many different ways could the three new heads be appointed?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd