What method of assigning probabilities to a simple event uses relative frequencies?
Choose the correct answer below.
Classical
Empirical
Subjective

The empirical method of assigning probabilities to a simple event relies on the relative frequencies of outcomes derived from actual experiments or observations. By conducting trials and counting the number of times a specific outcome occurs, you can calculate its probability as the ratio of the successful instances to the total number of trials. This is all about data-driven decision-making!

Now, when it comes to practical applications, think about weather forecasting! Meteorologists use past weather data to predict future conditions – that’s all based on empirical methods. If it rained on 7 out of the last 10 days in a similar season, they might assert there’s a 70% chance it’ll rain again. It’s like using the past to peek into the future!