General

Probability

The origin of the probability theory starts from the study of games like cards, tossing coins, dice, etc.  But in modern times, probability has great importance in decision making.  According to the classical theory, probability is the ratio of the favorable case to the total number of equally likely cases.  Empirical or relative frequency probability

Mathematical Expectation

Mathematical expectation, also known as the expected value, is the summation or integration of a possible values from a random variable.  It is also known as the product of the probability of an event occurring, denoted P(x), and the value corresponding with the actual observed occurrence of the event.  The expected value is a useful