Question

The limiting relative frequency approach of probability is known as __________.
(A) Statistical probability
(B) Classical probability
(C) Mathematical probability
(D) All the above

Answer 1

In this question, we have to choose the correct option from the, particularly given options. We are going to solve this problem by trial and error method. For that, we need to first know the definition of all the types of probabilities. Then we can choose the correct option which is actually appropriate for the required. After that, we will get the final required solution.

Complete step-by-step solution:
We need to find out what is known as the limiting relative frequency approach of probability from the given options.
Considering the definition we have,
Statistical probability:
The limiting relative frequency approach of probability is known as Statistical probability as it takes into consideration the frequency array series and the class interval series at the time of calculating the probability.
Classical probability:
It is the theoretical approach of probability. This is the perspective on probability that most people first encounter in formal education. This perspective has the advantage that it is conceptually simple for many situations. However, it is limited, since many situations do not have finitely many equally likely outcomes.
Mathematical probability:
If there is a finite number of possible outcomes of an experiment, all equally likely and mutually exclusive, then the probability of an event is the number of outcomes favourable to the event, divided by the total number of possible outcomes.
Hence we get, The limiting relative frequency approach of probability is known as statistical probability.

$\therefore$ Option (A) is the correct option.

Note: Trial and error refers to the process of verifying that a certain choice is right (or wrong). We simply substitute that choice into the problem and check. Some questions can only be solved by trial and error. And also trial and error is a fundamental method of problem solving. It is characterized by repeated, varied attempts which are continued until success, or until the practice stops trying.