Learn how prior probability informs economic theory and decision-making in Bayesian statistics. Understand its role before collecting new data.

The relative frequency definition of probability says: If an experiment is repeated, the probability of an event (a specified outcome of the experiment) is the relative frequency of occurrence of that ...

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 ...

The outcomes of rolling a six-sided die are: 1, 2, 3, 4, 5, 6. A probability of zero means an outcome is impossible. A probability of 1 means an outcome is certain ...

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 ...

Author: Chris Boucher (March 2011). This app displays an intricate Venn diagram, containing various combinations of set intersections, unions and complements. Users can shade the area they choose by ...