A method of assigning probabilities based on historical data is called the
A)classical method
B)subjective method
C)relative frequency method
D)historical method

Question

Quizplus · Accepted Answer

The relative frequency method assigns probabilities based on the frequency with which an event has occurred in the past. This is a reasonable approach, as past events can provide information about the likelihood of future occurrences. The classical method relies on assumptions about the probabilities of events, which may not be accurate in all situations. The subjective method relies on personal opinions or judgments, which may introduce bias or error. The historical method is not a commonly used term in probability theory, and its meaning may not be well-defined.

A Method of Assigning Probabilities Based on Historical Data Is