You can use the experimental probability based on observation or
(theory/simulation) to set up a (sample space/proportion) and use it to predict a value.
The words that should fill in the blanks are "simulation" and "sample space." In that case, the full sentence would be:
"You can use the experimental probability based on observation or simulation to set up a sample space and use it to predict a value."
We can arrive at this answer because:
The sentence above refers to the use of experimental probability, which is a system that allows predictions and hypotheses to be made about a given subject.
In this type of system, the use of simulations is very common, since these simulations allow the probability of something happening to be studied.
The sample space is also widely used, as it allows a set of data, which can be used in the future, to be predicted and studied.
In this case, we can say that the experimentalprobability is performed with the help of other elements to be effective.
More information about experimental probability at the link:
