3. Three approaches to assigning probabilitiesIn everyday life, you often face situations that may yield a range of possible outcomes, and you are not certain which outcome will result. By assigninga probability to a possible outcome, you attempt to quantify how likely it is that the possible outcome will occur.A probability is a number betweenandthat reflects the likelihood of some outcome. According to the classical approach to assigningprobability, the probability that an outcome occurs is interpreted as:O A value calculated by dividing the number of ways the outcome of interest can occur by the total number of possible outcomes, assumingeach outcome is equally likelyO A proportion of the time that the outcome occurs when the experiment or situation is presented repeatedly under identical conditionsO A personal measure of the strength of belief that an outcome will occurSuppose you assign a probability using the classical approach. Then you should interpret that probability using the

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Description: 3. Three approaches to assigning probabilitiesIn everyday life, you often face situations that may yield a range of possible outcomes, and you are not certain which outcome will result. By assigninga probability to a possible outcome, you attempt to

According to classical approach probability is defined as, P(A) = number of favorable outcomes of…

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In everyday life, you often face situations that may yield a range of possible outcomes, and you are not certain which outcome will result. By assigning a probability to a possible outcome, you attempt to quantify how likely it is that the possible outcome will occur. A probability is a number between 0 and that reflects the likelihood of some outcome. According to the classical approach to assigning probability, the probability that an outcome occurs is interpreted as: A value calculated by dividing the number of ways the outcome of interest can occur by the total number of possible outcomes, assuming each outcome is equally likely A proportion of the time that the outcome occurs when the experiment or situation is presented repeatedly under identical conditions A personal measure of the strength of belief that an outcome will occur Suppose you assign a probability using the classical approach. Then you should interpret that probability using the

In everyday life, you often face situations that may yield a range of possible outcomes, and you are not certain which outcome will result. By assigning a probability to a possible outcome, you attempt to quantify how likely it is that the possible outcome will occur. A probability is a number between 0 and that reflects the likelihood of some outcome. According to the classical approach to assigning probability, the probability that an outcome occurs is interpreted as: A value calculated by dividing the number of ways the outcome of interest can occur by the total number of possible outcomes, assuming each outcome is equally likely A proportion of the time that the outcome occurs when the experiment or situation is presented repeatedly under identical conditions A personal measure of the strength of belief that an outcome will occur Suppose you assign a probability using the classical approach. Then you should interpret that probability using the

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Concept explainers

Contingency Table

A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.

Binomial Distribution

Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.

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3. Three approaches to assigning probabilities
In everyday life, you often face situations that may yield a range of possible outcomes, and you are not certain which outcome will result. By assigning
a probability to a possible outcome, you attempt to quantify how likely it is that the possible outcome will occur.
A probability is a number between
and
that reflects the likelihood of some outcome. According to the classical approach to assigning
probability, the probability that an outcome occurs is interpreted as:
O A value calculated by dividing the number of ways the outcome of interest can occur by the total number of possible outcomes, assuming
each outcome is equally likely
O A proportion of the time that the outcome occurs when the experiment or situation is presented repeatedly under identical conditions
O A personal measure of the strength of belief that an outcome will occur
Suppose you assign a probability using the classical approach. Then you should interpret that probability using the

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