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.
Experimental probability is the number of times some particular outcome occurred divided by the number of trials conducted. For instance, if you threw a coin ten times and got heads seven times, you could say that the experimental probability of heads was 0.7. Contrast this with theoretical probability, which is the (infinitely) long term probability that something will happen a certain way.