Right now, molecules in the air are moving around you in chaotic and unpredictable ways. To make sense of such systems, ...

The likelihood of all possible outcomes. The common example of a probability distribution is a coin toss, and the bell curve is the common expression of the distribution of events. THIS DEFINITION IS ...

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 ...

Life is uncertain. None of us know what is going to happen. We know little of what has happened in the past or is happening now outside our immediate experience. Uncertainty has been called the ...

For any event that has multiple outcomes with different probabilities, it can be helpful and illustrative to construct a chart or diagram of the possible outcomes. Tree diagrams are a useful example ...