Probability theorem gets quantum makeoverWhat would Thomas Bayes think? In 1763, he proposed a new approach to calculate ...

The multinomial distribution is a type of probability distribution used in finance to determine the likelihood of a certain set of outcomes.

We propose a method for reconstructing a probability density function (pdf) from a sample of an n-dimensional probability distribution. The method works by iteratively applying some simple ...

Joint probability is a statistical measure that calculates the likelihood of two events occurring together and at the same point in time.

Example 2: Find the probability distribution of the number of red balls selected if two balls are selected (with replacement) from a container which has 4 balls numbered 1 through 4, with balls ...

But there is no ‘true’ probability to compare the last with the forecaster’s assessment. There is no ‘probability-ometer’. It either rains or it doesn’t.

In addition to predicting future sales levels, probability distribution can be a useful tool for evaluating risk. Consider, for example, a company considering entering a new business line.