Empirical Probability is the probability in more actual sense than the theoretical sense. It may seem quite difficult to understand but it is not.
An empirical probability tends to change with every trial, according to the result of a trial.
Okay, now we’ll try to understand it through an example.
Consider a company X selling its product Y (which is a hair oil) to a set of consumers having different ages, different geographical background and different hair color. Now at our first day of sell of product we have an estimate probability of how many customers of the total customers the company approaches will buy this product.
Now after the first day of sell we have a difference between our estimated and actual data of sell, this data helps us to estimate a more accurate probability of sell on day 2.
Here, the sell on Day 1 was our trial and the as per the result of trial we got a probability of sell on Day 2. This type of Probability is known as empirical probability.
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