That's what MBAs say when asked what the degree has done for them. It gave me a broad perspective of the business world -- how the economy works [and] how my industry works, says Susan Odegaard Turner, founder of Thousand Oaks, California-based consultancy Turner Healthcare Associates.
Theoretical probability is the probability of an event when all outcomes are equally likely. With theoretical probability, you determine the probability by dividing the number of ways the event can occur by the total number of equally likely outcomes. Theoretical probability is the probability of an event when all outcomes are equally likely.
Probability can be classified as Theoretical Probability or Empirical Probability. Now, we will look at the definition of Empirical probability. Empirical Probability can be defined as the prediction of occurrence of an event, which is calculated on the basis of collection of empirical evidence.