A discrete random variable is a type of random variable that can take on a countable set of distinct values. Common examples include the number of children in a family, the outcome of rolling a die, ...

Discover how probability distribution methods can help predict stock market returns and improve investment decisions. Learn ...

The probability density function of a uniform random variable looks like a horizontal line segment over the support. This indicates that for any interval of a given length within the support, the ...

The total area under the curve must equal 1, representing the fact that the probability of some outcome occurring within the entire range is certain. \[\int_{-\infty}^{\infty}f\left(x\right)dx=1\] ...

Abstract: In this chapter, we introduce the concept of a random variable and develop the procedures for characterizing random variables, including the cumulative distribution function, as well as the ...

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 Virginia Lottery offers a game called the New Year's Millionaire Raffle for which the top prize is one million dollars. There are 375,000 tickets sold, of which 508 are winners. There are three ...

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 ...