Probability is the chance of an event happening. During the day, you may hear various probabilities, such as a 30% chance of rain or a 50% chance of winning a contract bid. Two of the main types of probability are classical (theoretical) and empirical.
Part I
For this discussion, you will apply your understanding of the basic probability types: classical and empirical.
Part II
Provide an explanation for which type of probability you will use more frequently in your profession, and include an example.
Part III
Empirical probability involves the collection of data, often from a survey, and the relative frequency of each response. Discuss the following
- Complete a small survey of people you know, and present the findings of the survey as a table.
- Determine the probability of each response.
- Select the top 2 responses, and determine the probability of response 1 and response 2.
- Select the least-commonresponse, and determine the probability of its complement. What does the probability represent?
- 400-600 words.