## Definition of Random Variable

The concept of Random Variable is a natural extension of the concept of a random experiment. Let’s recall for that a random experiment is simply a procedure that leads to a non-deterministic outcome (meaning, we cannot predict it beforehand). ...

## Calculation of Conditional Probabilities

Let \(A\) and \(B\) be events. The conditional probability is defined as \ as long as \(Pr(B) \ne 0 \). This conditional probability can be interpreted as the probability that A happens assuming that we know that B is true. In other words,...

## Knowing Probability Theory Will Not Increase The Odds

Probability theory was developed by Blasé Pascal who was a philosopher and a student of algebra in the 1600’s as an offshoot of mathematics. It was a formulation that would deal with a way to chart or predict random events, and was ...

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