From your own experience either personally and/or professionally provide one example of where you have encountered each of these deferent probabilities. Be sure to explain why the example you cite Is an example of the particular approach to finding probability. Theoretical probability assumes all outcomes are equally likely. I am currently pregnant and we Just recently found out the sex of the baby. We knew prior to going we had a 50/50 chance of either a boy or a girl.
I used subjective probability by assuming prior to going it was a boy. ( I was right) Relative frequency is a value that is calculated by dividing the number of times an even occurs by the total number of times the experiment Is carried out. There are 5 school days a week. Each day my son comes home with a folder with his behavior marked on the day of the week. If there are 20 school days a month and he got 2 happy faces a week he would have got 8 happy faces that month of school while getting 12 ‘W’ faces (meaning he was given a warning for his behavior).
Therefore the relative frequency of him getting a “w: face is 12/20= 3/5= . 6 Subjective probability is based on a personal Judgment and how likely they believe an event will occur. When I used to follow football I played in a fantasy league and if you would have asked me each week the probability I would win I would have had to say I have at least an 85% chance of winning. I was winning a lot however there was still a slight chance I believed I could be beat. I was also pretty confident in my team.