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.
Mentor: Theoretical probability is a way of estimating what could happen based on the information that you have; it is a calculation. Theoretical probability cannot predict what the actual results will be, but it does give you an idea of what is likely to happen in a situation. Student: I understand that. So the results of flipping a coin should be somewhere around 50% heads and 50% tails since that is the theoretical probability.