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What are the methods of assigning probabilities to events?
in Data Science & Statistics by Platinum (130,878 points) | 128 views

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For all Methods: Probabilities must be assigned such that they sum to \(1.0\)

 

Classical Method
- Assigning probabilities based on the assumption of equally likely outcomes

 


Relative Frequency Method
- Assigning probabilities based on experimentation or historical data

 

Subjective Method
- Assigning probabilities based on judgment

by Platinum (130,878 points)

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