Experimental probability is used in most real-life situations when the probabilities cannot be determined theoretically. Most times we need past records, results from trials or experiments or statistical data to derive the probability of an event. In such cases, experimental or empirical probability comes in play. We will discuss the various concepts of experimental probability, terms and rules etc. to truly understand its importance in our lives. If you are a manager, stock trader, economist, statistician, businessman or manager, then you would find the subject of probability not only interesting but also useful to solve many of your decision-making problems.

Apr 19th, 2015

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