There are three types of probabilities:
| Empirical Probability | - Based on observed or historical data.
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| Subjective Probability | - Based on an individual’s judgement about the probability of occurrence of an event.
- The probability of an event is determined by an individual, based on that person’s past experience, personal opinion, and/or analysis of a particular situation.
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| Priori Probability | - Based on prior knowledge.
- Involves deductive reasoning.
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