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.
The classical definition: Let the sample space (denoted by ) be the set of all possible distinct outcomes to an experiment. The probability of some event is provided all points in are equally likely. For example, when a die is rolled the probability of getting a 2 is because one of the six faces is a 2. The relative frequency definition: The probability of an event is the proportion (or fraction) of times the event occurs in a very long (theoretically infinite) series of repetitions of an experiment or process.