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p. 434. Chance experimentslocked

  • John Haigh

Abstract

‘Chance experiments’ expands on the notion of distributions, which are central to analysing the consequences of chance experiments. For discrete data, probability can be determined using binomial distributions and geometric distributions. The outcomes of chance experiments on continuous data can be plotted on a graph, and the size of the area underneath the line corresponds to the probability. Mean outcomes and variances can also be used to provide more useful information about probability. Survival analysis is used to analyse extreme value distributions, which can be useful to casinos and engineers when assessing risk.

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