What is the definition of theoretical probability?

The definition of theoretical probability is best captured by the option that describes it as the likelihood of an event occurring based on known outcomes. Theoretical probability is derived from the possible number of favorable outcomes divided by the total number of possible outcomes when all outcomes are equally likely. This concept operates under the assumption that all outcomes can be determined beforehand based on a mathematical understanding of the situation.

Understanding this definition is essential, as it highlights the distinction between theoretical probability and empirical probability, which is based on actual experiments and observed outcomes. In practical terms, theoretical probability provides a framework for predicting the likelihood of events occurring in ideal scenarios without the influence of external variables or random chance. This allows for the assessment of probabilities in games of chance, statistical modeling, and various applications in science and engineering.