Business And Marketing Estimating Probabilities Research

Estimating Probabilities
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Estimating probabilities
Empirical probability estimates probabilities from observation. Empirical probability data are generated from a number of trials estimated from experience not theory (Fine, 2014). Experimental probability is the ratio of the number of outcomes of occurrences to the total number of trials observed in an experiment. To estimate different probabilities of three alternatives with minimal empirical data, we use empirical probabilities this is a procedure that work on assumptions (Fine, 2014).
For example, estimating the probability among a group of women with the following variables, they five feet tall and prefer milkshake to ice cream. In this case, we can estimate the different probabilities to estimate the expected outcomes by counting the number of individuals who have both conditions that is those who are five feet tall and prefer milkshake to ice cream to generate to estimate the different alternative outcomes (Lahiri & Wang, 2013). Alternative o...