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 ...

The main property of a discrete joint probability distribution can be stated as the sum of all non-zero probabilities is 1. The next line shows this as a formula. The marginal distribution of X can be ...

The Monte Carlo simulation estimates the probability of different outcomes in a process that cannot easily be predicted because of the potential for random variables.