Correct Answer - Option 2 : Personal approach
Personal approach is NOT an approach for assigning the probability of the event.
Relative frequency approach:
Relative frequency can be calculated by taking the count of an individual kind of outcome and divide by the total counts for all kinds of outcomes. For a ratio of 1:1, there are two total outcomes, so the relative frequency of heads is ½ or 0.5 and the relative frequency of tails is the same.
- Rolling a fair die. It’s equally likely you would get a 1, 2, 3, 4, 5, or 6.
- Selecting bingo balls. Each numbered ball has an equal chance of being chosen.
- Guessing on a test. If you guessed on a multiple-choice test with four possible answers A, B, C and D, each choice has the same odds of being picked (assuming you pick randomly and don’t follow a pattern).
The probability of a simple event happening is the number of times the event can happen, divided by the number of possible events.
The “math” way of writing the formula is P(A) = f / N.
P(A) means “probability of event A” (event A is whatever event you are looking for, like winning the lottery).
“f” is the frequency or number of possible times the event could happen.
N is the number of times the event could happen.
The basic approach statistical methods adopt to deal with uncertainty is via the axioms of probability: Probabilities are (real) numbers in the range 0 to 1. A probability of P(A) = 0 indicates total uncertainty in A, P(A) = 1 total certainty and values in between some degree of (un)certainty.