Question

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 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. A proportion of the time that the outcome occurs when the experiment or situation is presented repeatedly under identical conditions

b. 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

c. 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--------------- approach.

Answer 1

A probability is a number between 0 and 1  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. Option (c) is correct.

Suppose you assign a probability using the classical approach. Then you should interpret that probability using the classical approach.