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 ...

A binomial distribution calculator helps determine the probability of achieving a specific number of successes in a sequence of events. Similar to this, a binomial probability calculator allows you to ...

Julie Young is an experienced financial writer and editor. She specializes in financial analysis in capital planning and investment management. Suzanne is a content marketer, writer, and fact-checker.

A discrete random variable is a type of random variable that can take on a countable set of distinct values. Common examples include the number of children in a family, the outcome of rolling a die, ...

Abstract: In this chapter, the authors discuss sample spaces, basic probability theory and random variables. Conditional probability leads to tree diagrams and the Bayes formula. Bernoulli trials pave ...

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 ...

In this article we construct an upper prediction limit for the arithmetic mean of a future sample from a lognormal distribution. First, we present three approximate distributions for the total of the ...