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 ...

Abstract: In this chapter, we introduce the concept of a random variable and develop the procedures for characterizing random variables, including the cumulative distribution function, as well as the ...

This course is compulsory on the BSc in Actuarial Science, BSc in Financial Mathematics and Statistics and BSc in Statistics with Finance. This course is available on the BSc in Business Mathematics ...

The Monte Carlo simulation estimates the probability of different outcomes in a process that cannot easily be predicted because of the potential for random variables.

ABSTRACT: The economic emission dispatch (EED) problem minimizes two competing objective functions, fuel cost and emission, while satisfying several equality and inequality constraints. Since the ...

The main objective of the project is to develop probabilistic graphical models (PGMs) to determine probabilities of observations which are described by various variables. We have given ...

ABSTRACT: The original Bell inequality was obtained in a statistical derivation assuming three mutually cross-correlated random variables (four in the later version). Given that observations destroy ...