2) Continuous Probability Distribution: This type deals with continuous random variables which have an infinite number of possible outcomes within an interval. Examples include measuring height or ...

A probability distribution is a mathematical function that describes how likely a random variable is to take on different values. It can be represented by a table, a graph, or a formula.

Cumulative probability is an essential concept in the world of statistics and probability theory. It refers to the likelihood that a random variable will take a value equal to or less than a specific ...

Learn how to use probability distributions, Monte Carlo simulation, and sensitivity analysis to estimate the range and likelihood of results in risk analysis.