Example 1: A coin is flipped. Random variable X takes the value 1 if the coin lands heads, and X takes the value 0 if the coin shows tails. Example 2: Three balls are drawn without replacement from a ...
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).
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 ...
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.
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