The total area under the curve must equal 1, representing the fact that the probability of some outcome occurring within the entire range is certain. \[\int_{-\infty}^{\infty}f\left(x\right)dx=1\] ...

Journal of Applied Probability and Advances in Applied Probability have for four decades provided a forum for original research and reviews in applied probability, mapping the development of ...

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 ...

The binomial distribution models the number of successes in a fixed number of independent Bernoulli trials, each with the same probability of success. The chi-square distribution is often used in ...

Continuous Variable: can take on any value between two specified values. Obtained by measuring. Discrete Variable: not continuous variable (cannot take on any value between two specified values).

The reports aim to provide a clear understanding of key concepts in probability and statistics, making them accessible to learners at all levels. Each report breaks down complex topics into digestible ...

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.

Continuous random variables can take any value within a range. Unlike discrete variables, they include fractional and decimal values. These variables are often modeled using probability distributions.