Which of the following is one of the two broad categories of probability?

• A. Predictive probability
• B. Inferential probability
• C. Classical probability
• D. Descriptive probability

Answer: (C)

Verified step by step guidance

1. Step 1: Understand the concept of probability categories. Probability is broadly categorized into two main types: Classical probability and Empirical probability. Classical probability is based on theoretical reasoning, while Empirical probability is based on observed data.
2. Step 2: Define Classical probability. Classical probability assumes that all outcomes in a sample space are equally likely. It is calculated using the formula: P(E) = (Number of favorable outcomes) / (Total number of possible outcomes).
3. Step 3: Compare Classical probability with other terms mentioned in the problem. Predictive probability and Inferential probability are not standard categories of probability. Descriptive probability is also not a recognized category in probability theory.
4. Step 4: Recognize that Classical probability is one of the two broad categories of probability. The other category is Empirical probability, which is based on experimental or observed data.
5. Step 5: Conclude that the correct answer is Classical probability, as it is one of the two recognized broad categories of probability.