LESSON: Types of Probability

Experimental vs. Theoretical Probability

So far we've learned about Theoretical Probability. This type of probability is used to calculate the likelihood of an event occurring, based on what we would expect. 

However, what we expect to have happen and what actually happens isn't always the same. 

In this lesson video you will learn about another type of probability called, Experimental Probability. Though it is similar to theoretical probability, pay close attention to the differences!

Comparing Probabilities

As we saw briefly in the last lesson video, calculated theoretical probabilities don't always match up with experimental probabilities when only a small number of trials are taken.

The law of large numbers tells us that if we increase the number of trials of our experiment, then eventually our experimental probability will equal the theoretical probability.

In this lesson video you will see another example of comparing theoretical and experimental probability and how to interpret the results.

Making Predictions

In the following lesson video you will learn how to make a prediction using theoretical probability, but how to also recognize this as an estimate, not an exact, guarantee.

Subjective Probability

Another type of probability is called Subjective Probability. This is a very informal probability because it is based on one's intuition and best guess. 

Watch the short video below to see a few examples of subjective probability.