Final answer:
To determine the theoretical probability of a team receiving the top pick in a lottery, divide the number of favourable outcomes by the total number of possible combinations. Probability measures the likelihood of an event using the ratio of favourable outcomes to total outcomes.
Step-by-step explanation:
To find the theoretical probability of each team in the lottery being awarded the top pick, you must divide the number of favourable outcomes by the total number of relevant combinations. The total number of relevant combinations is the sum of all possible outcomes that can happen in the lottery.
Probability is a mathematical tool used to measure the chance that an event will occur. Theoretical probability is provided by the ratio of the number of favourable outcomes to the total number of possible outcomes when all outcomes are equally likely. An example of this can be seen in simple events like a coin toss, where the theoretical probability of landing on heads is 0.5, assuming the coin is fair and balanced.
An important principle in probability is that the sum of the probabilities of all possible outcomes must equal 1 (or 100%), signifying the certainty that one of the possible outcomes will indeed occur. When calculating probabilities for a lottery system or any event with multiple outcomes, it is crucial to understand and accurately determine both the favourable outcomes for the event of interest and the total number of possible outcomes.
Moreover, it is essential to round answers to probability problems to an appropriate number of decimal places, typically four, to provide a precise and accurate representation of these probabilities.1