The formula of computing such probability is as follows:. For example, if the total number of persons insured at the age of 20 Years is and the number of such persons dying was found to be , the empirical probability of the death is given by.
It is to be noted that when the number of observations is very large, the empirical probability of an event is taken as the relative frequency of its occurrence, and that such probability is equal to the prior probability. A probability which is calculated on the basis of some historical data, common experience, recorded evidence, or rigorous analysis is called objective probability. Probabilities of various events in rolling of dice, or flipping of coins are examples of objectives probability in as much as they are based on dependable evidences.
A probability which is calculated on the basis of personal experience or opinion is called a subjective probability. Probabilities of earning super profits for 10 years are the examples of subjective probability in as much as such probabilities are calculated purely on the basis of personal opinion of some experts.
The probability of a dependent event is called a conditional probability. If there are two dependent events, say A and B the conditional probability. If there are two dependent events, say A and B the conditional probability of A given that B has happened is given by ;. And the conditional probability of B given that A has happened is given by. Which represents that the probability of A, B and C is equal to the probability of A times the probability of B given that A has happened, B times the probability of C given that both A and B have happened.
It is to be noted that where conditional probability is attached to the two independent events say A and B, the conditional probabilities of A and B will be represented thus:. The product of a prior probability and a conditional probability is the joint probability of any two dependent or independent events.
The values of joint probabilities of any two events can be better represented through a table known as the Joint Probability Table in which the intersection of the rows and columns are shown as the joint probabilities of the various events. The following examples would make the point very clear. This is, also, otherwise called as unconditional probability which refers to the probability of occurrence of an event without waiting for the occurrence of another event.
The marginal probability of the events, say, A and B are represented as follows:. In a joint probability table, the marginal probability of an event can be easily calculated by adding the two joint probabilities relating to an event both row and column-wise. It is to be noted that sum of the marginal probabilities of all the related events will be equal to one.
All these have been shown in the joint probability tables as solution to the illustrations 19 and 20 above. Interrelationship between the Conditional, Joint and Marginal Probabilities: All the three Conditional, Joint, and Marginal probabilities are inter-related with each other which can be seen from the following model:.
In mathematical language, Theory of Probability provides a very important numerical measure of uncertainty, that is, there are 3 possible states of expectations via, Certainty, impossibility and uncertainty. And the probability theory describes the certainty by 1, impossibility by 0 and various values of uncertainties by coefficients ranging between 0 to 1.
The probability of an event, is simple words is defined as, the number of favorable cases upon the total number or exhaustive cases. Thus, the probability of occurrence and nonoccurrence of an event always equals to one.
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Home» Statistics Homework Help» Probability The term probability refers to ‘an event’ the happing and non-happening of which is uncertain, or contingent. Literally, it means a chance, a possibility, likelihood, or an odd. Thankfully, statistics and probability calculus assignment help could be obtained online from help services. Vital to the debate is the fact that services from such organizations are available round the clock implying that students could use .
Statistics Homework Help. Types of Data. Statistics is the field of study or an academic discipline which mainly comprises on data. The fundamental function of statistics is to gather data for the purpose to draw conclusions or solve complex issues with the help of logical reasoning. Types of probability are prior probability, empirical probability, objective probability, subjective probability, conditional probability, joint probability and more. We offer types of probability homework help.