Probability theory forms the mathematical backbone for quantifying uncertainty and random events, providing a rigorous language with which to describe both everyday phenomena and complex scientific ...

The relative frequency definition of probability says: If an experiment is repeated, the probability of an event (a specified outcome of the experiment) is the relative frequency of occurrence of that ...

This note suggests that expressing a distribution function as a mixture of suitably chosen distribution functions leads to improved methods for generating random variables in a computer. The idea is ...

This is a preview. Log in through your library . Abstract Let $\{X_n\}$ be a sequence of independent random variables none of which are degenerate and define for $y ...

The relative frequency definition of probability says: If an experiment is repeated, the probability of an event (a specified outcome of the experiment) is the relative frequency of occurrence of that ...

The world is full of uncertainty: accidents, storms, unruly financial markets, noisy communications. The world is also full of data. Probabilistic modeling and the related field of statistical ...

Julie Young is an experienced financial writer and editor. She specializes in financial analysis in capital planning and investment management. Suzanne is a content marketer, writer, and fact-checker.

Forecasting for any small business involves guesswork. You know your business and its past performance, but you may not be comfortable predicting the future. Using Excel is a great way to perform what ...