Step 1: Find the total number of cases.
Since
\[
a,b\in\{1,2,3,4\},
\]
there are
\[
4\times4=16
\]
possible ordered pairs.
Step 2: Use the condition for real roots.
A quadratic equation has real roots if
\[
a^2-4b\ge0.
\]
Check each value of \(a\):
\[
\begin{array}{|c|c|c|}
\hline
a & a^2 & \text{Allowed values of }b
\hline
1 & 1 & \text{None}
2 & 4 & 1
3 & 9 & 1,2
4 & 16 & 1,2,3,4
\hline
\end{array}
\]
Hence, the favourable pairs are
\[
1+2+4=7.
\]
Step 3: Calculate the probability.
\[
P
=
\frac{7}{16}.
\]
Step 4: Final conclusion.
\[
\boxed{\frac{7}{16}}
\]
Hence, the correct option is \(\boxed{(C)}\).