In a number of situations we are faced with the problem of determining efficient estimates of the mean and variance of a distribution specified by (i) a non-zero probability that the variable assumes ...

Generating large volumes of random numbers is essential for high-performance computing applications such as Monte Carlo simulations, machine learning, and dynamic game-play. Many of these applications ...

Discover what a log-normal distribution is, its financial applications, and how to calculate it, including using Excel for practical financial analysis.

Mixed type random variables contain both continuous and discrete components, and their role is critical in many well-studied fields. Queuing analysis, stock options, and hydrology rainfall models are ...

Users of small and personal computers do not have access to the libraries of generators of random variables provided by experts which have been common on large computer installations. This tutorial ...

A simple random sample is a subset of a statistical population where each member of the population is equally likely to be chosen.