When might people use theoretical probabilities and predicting outcomes?

People use theoretical probabilities when they want to calculate the likelihood of an event based on known possible outcomes, such as flipping a coin or rolling a die. This approach is particularly useful in games of chance, statistical modeling, and risk assessment. Additionally, predicting outcomes often relies on theoretical probabilities to inform decisions in fields like finance, insurance, and science, where understanding the likelihood of various scenariOS can guide strategies and actions.