How well we understand the difference between empirical and theoretical probability

is an important part of our ability to apply probability to a real world set of data. What is the

difference between empirical and theoretical probability? Give two to three examples

speculative of professions where probability could be used. Explain your answer

Hi class and professor,

The difference between empirical, which I think means observation or

experience and theoretical probability or speculative are as clear as night and day.

Empirical probability is the data that has been proven through trial and error such

as the statics on the accidents that involve driving while under the influence. Even

the proven data for deaths that are smoking related.

The theoretical probability is like guessing and taking a chance you are right much

like playing a game of cards you are taking that chance you have the better hand.

Insurance policies are made possible by empirical probability. We know the amount of accidents,

and we know the amount of times something happens without error. Based on that, it can be

calculated what the chance (and thus the cost) is of a certain event.

(professional) Gambling is about theoretical probability. One can assume that all the chips, cards,

tables or whatever are completely fair (or even calculate the unfairness, based on the method of

shuffling), so one can calculate the odds of a certain set of cards coming up, before they ever

have.

Dangerous medical procedures can also have empirical probability playing as a factor. There is
always a chance that someone dies under the knife, or that someone cures on their own. Based on

those odds, a doctor could advise for or against certain procedures. Those odds are based on

other patients who have gone through the same thing.