Probability Distribution Notes: Probability is a fundamental aspect of mathematics that helps us understand and quantify uncertainty. Mastery of this subject is essential for students, as it has ...

The sample space diagram shows there are 6 ways of making a 7, out of a total of 36 possible outcomes. Therefore, the probability of rolling two dice and the sum being 7 is \(\frac{6}{36} = \frac{1}{6 ...

Probability is a measure of the likelihood of events happening. The greater the proportion of times an event can happen the greater (or more likely) the probability. Events can be ordered by the ...

In A Philosophical Essay on Probabilities, published in 1814, Pierre-Simon Laplace introduced a notorious hypothetical creature: a “vast intelligence” that knew the complete physical state of the ...

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 ...

Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and ...