Here are the essential concepts you must grasp in order to answer the question correctly.
Classical Probability
Classical probability is based on the assumption that all outcomes in a sample space are equally likely. It is calculated by dividing the number of favorable outcomes by the total number of possible outcomes. This approach is often used in games of chance, such as rolling dice or flipping coins, where the probabilities can be determined through logical reasoning.
Recommended video:
Introduction to Probability
Empirical Probability
Empirical probability, also known as experimental probability, is determined by conducting experiments or observing real-world events. It is calculated by taking the ratio of the number of times an event occurs to the total number of trials or observations. This type of probability is useful when theoretical probabilities are difficult to ascertain, as it relies on actual data.
Recommended video:
Introduction to Probability
Subjective Probability
Subjective probability is based on personal judgment, intuition, or experience rather than on exact calculations or empirical data. It reflects an individual's belief about the likelihood of an event occurring, which can vary from person to person. In the given example, the analyst's estimation of a team's winning probability as 60% is a subjective probability, as it is influenced by their personal assessment and insights.
Recommended video:
Introduction to Probability