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 ...

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, ...

This program generates N amount of random variables for continuous uniform, exponential, Bernoulli, Poisson, Binomial, Gamma, and discrete distribution with the support set {1,2,3,4} and pmf P[W_i=j]= ...

Probability distribution is an essential concept in statistics, helping us understand the likelihood of different outcomes in a random experiment. Whether you’re a student, researcher, or professional ...

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 ...

Julie Young is an experienced financial writer and editor. She specializes in financial analysis in capital planning and investment management. Eric's career includes extensive work in both public and ...