Probability theory is like the crystal ball of mathematics, helping us predict the likelihood of events occurring. The magic number always lies between 0 and 1, inclusive, where 0 means “impossible” ...

In probability theory and statistics, the concept of a random variable is a foundational tool that helps bridge abstract probabilities with concrete, measurable values. A random variable is ...

A discrete random variable is a type of random variable that can only take on a countable number of distinct values. A discrete random variable is a variable whose possible values are distinct and ...

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 ...

Amusement park patrons, wanting to go on a log ride, might not have to wait in line at all, they might have to wait for hours, or the wait could be anywhere in between. For a random log rider, the ...

This chapter reviews uniform and Gaussian random variables (RVs). It describes the empirical probability density function (PDF) of RVs and provides its comparison with the theoretical PDF. Using ...

Sankhyā: The Indian Journal of Statistics, Series A (1961-2002), Vol. 34, No. 1 (Mar., 1972), pp. 9-16 (8 pages) An exponential bound is obtained for probabilities of large deviations in a strictly ...

Will Kenton is an expert on the economy and investing laws and regulations. He previously held senior editorial roles at Investopedia and Kapitall Wire and holds a MA in Economics from The New School ...