Skip to main content

Statistical Distributions

Different types of distributions.

Bernoulli distribution: A Bernoulli distribution is a discrete probability distribution with two possible outcomes, usually called "success" and "failure." The probability of success is denoted by and the probability of failure is denoted by . The Bernoulli distribution can be used to model a variety of events, such as whether a coin toss results in heads or tails, whether a student passes an exam, or whether a customer makes a purchase.

Uniform distribution: A uniform distribution is a continuous probability distribution that assigns equal probability to all values within a specified range. The uniform distribution can be used to model a variety of events, such as the roll of a die, the draw of a card from a deck, or the time it takes to complete a task.

Binomial distribution: A binomial distribution is a discrete probability distribution that describes the number of successes in a sequence of independent trials, each of which has a probability of success of . The binomial distribution can be used to model a variety of events, such as the number of heads in coin tosses, the number of customers who make a purchase in a day, or the number of students who pass an exam.

Normal distribution: A normal distribution is a continuous probability distribution that is bell-shaped and symmetric. The normal distribution is often called the "bell curve" because of its shape. The normal distribution can be used to model a variety of events, such as the height of people, the weight of babies, or the IQ scores of adults.

Poisson distribution: A Poisson distribution is a discrete probability distribution that describes the number of events that occur in a fixed interval of time or space if the average number of events is known. The Poisson distribution can be used to model a variety of events, such as the number of customers who arrive at a store in an hour, the number of phone calls that come into a call center in a day, or the number of defects in a manufactured product.

Exponential distribution: An exponential distribution is a continuous probability distribution that describes the time it takes for an event to occur. The exponential distribution can be used to model a variety of events, such as the time it takes for a customer to make a purchase, the time it takes for a machine to break down, or the time it takes for a radioactive atom to decay.

Labels:

Comments

Post a Comment

Popular posts from this blog

Financial Engineering

Financial Engineering: Key Concepts Financial engineering is a multidisciplinary field that combines financial theory, mathematics, and computer science to design and develop innovative financial products and solutions. Here's an in-depth look at the key concepts you mentioned: 1. Statistical Analysis Statistical analysis is a crucial component of financial engineering. It involves using statistical techniques to analyze and interpret financial data, such as: Hypothesis testing : to validate assumptions about financial data Regression analysis : to model relationships between variables Time series analysis : to forecast future values based on historical data Probability distributions : to model and analyze risk Statistical analysis helps financial engineers to identify trends, patterns, and correlations in financial data, which informs decision-making and risk management. 2. Machine Learning Machine learning is a subset of artificial intelligence that involves training algorithms t...
Post a Comment
Read more

Wholesale Customer Solution with Magento Commerce

The client want to have a shop where regular customers to be able to see products with their retail price, while Wholesale partners to see the prices with ? discount. The extra condition: retail and wholesale prices hasn’t mathematical dependency. So, a product could be $100 for retail and $50 for whole sale and another one could be $60 retail and $50 wholesale. And of course retail users should not be able to see wholesale prices at all. Basically, I will explain what I did step-by-step, but in order to understand what I mean, you should be familiar with the basics of Magento. 1. Creating two magento websites, stores and views (Magento meaning of website of course) It’s done from from System->Manage Stores. The result is: Website | Store | View ———————————————— Retail->Retail->Default Wholesale->Wholesale->Default Both sites using the same category/product tree 2. Setting the price scope in System->Configuration->Catalog->Catalog->Price set drop-down to...
Post a Comment
Read more

How to Prepare for AI Driven Career

  Introduction We are all living in our "ChatGPT moment" now. It happened when I asked ChatGPT to plan a 10-day holiday in rural India. Within seconds, I had a detailed list of activities and places to explore. The speed and usefulness of the response left me stunned, and I realized instantly that life would never be the same again. ChatGPT felt like a bombshell—years of hype about Artificial Intelligence had finally materialized into something tangible and accessible. Suddenly, AI wasn’t just theoretical; it was writing limericks, crafting decent marketing content, and even generating code. The world is still adjusting to this rapid shift. We’re in the middle of a technological revolution—one so fast and transformative that it’s hard to fully comprehend. This revolution brings both exciting opportunities and inevitable challenges. On the one hand, AI is enabling remarkable breakthroughs. It can detect anomalies in MRI scans that even seasoned doctors might miss. It can trans...
Post a Comment
Read more