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 ...

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 ...

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 ...

Upper bounds are derived for the probability that the sum S of n independent random variables exceeds its mean ES by a positive number nt. It is assumed that the range of each summand of S is bounded ...

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 ...