There are three approaches to finding probability that you w

There are three approaches to finding probability that you will discuss in this unit; theoretical probability, relative frequency probability, and subjective probability.

1.     From your own experience either personally or professionally, provide an example of when you have encountered or used theoretical probability. Describe the example and explain why it is theoretical probability.

2.     From your own experience either personally or professionally, provide an example of when you have encountered or used relative frequency probability. Describe the example and explain why it is relative frequency probability.

3.     From your own experience either personally or professionally, provide an example of when you have encountered or used subjective probability. Describe the example and explain why it is subjective probability.

Solution

1. Theoretical probability was used by me when I was computing my chances of winning in a die game, where two dice were being rolled and I had to place bets on whether the sum of the numbers on them will be greater than, equal to or less than 7.

This was theoretical probability because, assuming that the dice was fair, I was computing the ratio of the number of ways in which the event desired could occur, divided by the total number of outcomes.

2. I use relative frequency probability to guess whether my favourite football team will win a match or not.

This is relative frequency probability because I consider the ratio of the number of past wins(desired outcome) of my team and the total number of matches played between the two teams(total count) to calculate the desired probability.

3. I often use subjective probability to calculate the chances of me being able to catch the bus to college.

This is subjective as I make a personal estimate based on my experience in the matter about when the bus will come, and do not mathematically calculate the probability of the bus coming.