Question

Describe the difference between a probability derived from the analytic view (logical analysis), the Relative Frequency view (sampling from a distribution with known characteristics), and the Subjective (feeling) view. Describe situations in which each view of probability could be useful.

Answer 1

See the explanation

Explanation:

Analytic View:

If and event can occur in A number of way and fail in B number of ways, then probability of its occurrence is:

`P(A)= (A)/(A+B)`

or probability of its failing is:

`P(B)=(B)/(A+B)`

Example:

Rolling a number smaller than 3 in a dice.

A= 2 (1,2)

B = 4 (3,4,5,6)

`P(A)= (2)/(2+4)=(1)/(3)`

Relative Frequency View:

Definition of Probability in terms of past performances (data). It can be taken as how often things happens divided by all outcomes.

Example:

A batter has 50 safe hits at 200 bats, which makes his batting average
`(50)/(200)= 0.25` which is the probability.

Subjective View:

When you define a probability due to personel beleif in the likelihood of an outcome. It involve no formal calculations and varies from person to person, depending on their past experience.

Example:

A person beleives that probability that the batter will hit safely in the next bat is 0.75