Estimating Probabilities (VCE SSCE Mathematical Methods): Flashcards

Probabilities based on personal experience or judgment

Proportion of trials resulting in a particular event

$\frac{\text{occurrences}}{\text{trials}}$

More trials → relative frequency closer to true probability

Use the largest available sample size

Combine all data sets to maximise number of trials

Imitate or model a random experiment

$\frac{\text{specific area}}{\text{total area}}$

Proportion of times an event will occur in the long run

May not be reliable or verifiable; vary between people