Empirical Probability Formula
What is Empirical Probability?
Experimental probability is a type of empirical probability that is based on historical evidence. To put it another way, empirical probability depicts the probability of an occurrence occurring based on past data.
The formula for Empirical Probability:
Empirical Probability = no. of times occurs/ total no. of times experiment performed
Where:
The number of times a fortunate event occurred is referred to as the number of times it occurred.
and
The total number of times the experiment was carried out refers to the total number of times the event was carried out.
Example: A dice is thrown three times, and the result is shown in the table below. How likely is it that you'll roll a 4?
| Experiment | 1 | 2 | 3 |
| Result | 2 | 5 | 2 |
Empirical Probability = 0 / 3 = 0%. The empirical probability of rolling a 4 is 0%.
Different Types of Probabilities
Apart from empirical probability, there are two other main types of probabilities:
1. Classical Probability
Probability based on formal reasoning is known as the classical probability (also known as a priori or theoretical probability). In a coin toss, the traditional likelihood of receiving a head is 1/2.
2. Subjective probability
Subjective probability refers to probability based on personal judgement or experience. For example, if an analyst feels that "the S&P 500 will attain all-time highs in the following month with an 80% likelihood," he is utilising subjective probability. More Maths Formulas on the parent's page.
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