What Is The Difference Between Empirical And Theoretical Probability? Give Two To Three Examples Of Professions Where Probability Could Be Used. Explain Your Answer.


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Frances Bott answered
The difference between empirical and theoretical probability is simple, with empirical you are going to be able to make predictions based on facts and that it is going to be likely that you are going to be able to know what is going to happen without having to take any guesses. With theoretical there is going to be more theories and therefore there is only going to be an idea of what might happen and the prediction and probability is not going to be certain.


· Marketing

Within marketing there are always going to be different probabilities which the company are going to have to investigate and make their money off. They need to take risks and the different probabilities are going to enable them to have an idea (at least) of what they outcome might be.

· Politics

This is another obvious choice. Within politics choices and decisions have to be made in case something happens, and the probability of something happening or not happening is very important and can make or break some governments.

Finally, you need to explain your answer, and this bit I cannot do for you! It is very easy to have a clear understanding of the different probabilities that are around and how important they can be when it comes to people's professions and the decisions that they are going to need to make. The probabilities are in place so there can be a judgment with regards to what is going to happen and what might happen.

It is a simple concept to understand and there is much explanation that you can create and say about the different probabilities so there is no excuse for not having the knowledge in place that you need when you are writing this assignment or completing this certain project.

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