Estimated probability refers to the probability of an event that is calculated or approximated using data from a sample or simulation. It provides an estimate of the true probability based on observed frequencies.
Related terms
Law of Large Numbers: The principle stating that as the number of trials or observations increases, the relative frequency will approach the true (theoretical) probability.
Confidence Interval: A range of values within which we are confident that the true population parameter lies.
Margin of Error: The amount by which an estimated value may differ from its true value due to sampling variability.