Relative frequency definition, Mathematics

Assignment Help:

Relative Frequency 

This type of probability requires us to make some qualifications. We define probability of event A, occurring as the proportion of times A occurs, if we repeat the experiment several times under the same or similar conditions.

 

Example 

Consider the following distribution of salaries in a finance company for February, 2002.

Salaries (Rs.)

Frequency

Relative Frequency (%)


  2,000 -   5,000

 2

4%

  5,000 -   8,000

11

22%

  8,000 - 11,000

18

36%

11,000 - 14,000

10

20%

14,000 - 17,000

 7

14%

17,000 - 20,000

 2

4%

 

50

100%

For a subsequent month the salaries are likely to have the same distributions unless employees leave or have their salaries raised, or new people join. Hence we have the following probabilities obtained from the above relative frequencies.

Salaries (Rs.)

Probability

  2,000 -   5,000

4%

  5,000 -   8,000

22%

  8,000 - 11,000

36%

11,000 - 14,000

20%

14,000 - 17,000

14%

17,000 - 20,000

4%

 

100%

These probabilities give the chance that an employee chosen at random will be in a particular salary class. For example, the probability of an employee's salary being Rs.5,000 - Rs.8,000 is 22%.


Related Discussions:- Relative frequency definition

Distance and Section Formulae, find the coordinates of points of tri-sectio...

find the coordinates of points of tri-section of the line joining the points (-3,0) and (6,6).

Area in polar cordinates, find the area of the region within the cardioid r...

find the area of the region within the cardioid r=1-cos

Evaluate the limit, Evaluate the given limit. Solution : It is a ...

Evaluate the given limit. Solution : It is a combination of many of the functions listed above and none of the limited are violated so all we have to do is plug in x = 3

Standardization of variables, Standardization of Variables - Before we...

Standardization of Variables - Before we use the general distribution curve to determine probabilities of the continuous variables, we require standardizing the original units

Economics, A mortgage lender seeks to maximize the expected value of its po...

A mortgage lender seeks to maximize the expected value of its portfolio. The portfolio, of course, is the sum of all of the mortgages in it, so no generality is lost by examining t

Infinite, why cant we find the value of 1 upon zero

why cant we find the value of 1 upon zero

Infinite limits, Infinite Limits : In this section we will see limits who...

Infinite Limits : In this section we will see limits whose value is infinity or minus infinity.  The primary thing we have to probably do here is to define just what we mean w

Shares and dividend, a man in rested rupee 800 is buying rupee 5 shares and...

a man in rested rupee 800 is buying rupee 5 shares and then are selling at premium of rupee 1.15. He sells all the shares.find profit

Recursively, Let a 0 , a 1 ::: be the series recursively defined by a 0 =...

Let a 0 , a 1 ::: be the series recursively defined by a 0 = 1, and an = 3 + a n-1 for n ≥ 1. (a) Compute a 1 , a 2 , a 3 and a 4 . (b) Compute a formula for an, n ≥ 0.

Determine if r is equivalence relation or a partial ordering, Let R be the ...

Let R be the relation on the set of ordered pairs of positive integers such that ((a, b), (c, d)) ∈ R if and only if ad = bc.  Determine whether R is an equivalence relation or a p

Write Your Message!

Captcha
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