Chance: Compare Expected Outcomes with Observed Outcomes of Chance Experiments . Concept/s in Focus: 👉 Theoretical probability is calculated by dividing the number of desired outcomes by the number of possible outcomes. Theoretical probability assumes all outcomes are equally likely. 👉 Experimental probability is calculated by dividing frequency of each outcome of an experiment by the number of trials in the experiment. 👉 A chance experiment is an activity that involves chance involving a rep