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Betting odds are written in the form r:s ("r to s") and correspond to the probability of winning P=s/(r+s). Therefore, given a probability P, the odds of winning are ...

An outcome is a subset of a probability space. Experimental outcomes are not uniquely determined from the description of an experiment, and must be agreed upon to avoid ...

A Pareto plot is type of plot used in quality control applications that combines a bar chart displaying percentages of categories in the data with a line graph showing ...

The percentage error is 100% times the relative error.

Poisson's theorem gives the estimate (n!)/(k!(n-k)!)p^kq^(n-k)∼e^(-np)((np)^k)/(k!) for the probability of an event occurring k times in n trials with n>>1, p<<1, and np ...

A number s of trials in which the probability of success p_i varies from trial to trial. Let x be the number of successes, then var(x)=spq-ssigma_p^2, (1) where sigma_p^2 is ...

The number of digits used to perform a given computation. The concepts of accuracy and precision are both closely related and often confused. While the accuracy of a number x ...

The problem of forecasting future values X_(t+tau) (tau>0) of a weakly stationary process {X_t} from the known values X_s (s<=t).

The positive predictive value is the probability that a test gives a true result for a true statistic. The negative predictive value is the probability that a test gives a ...

A probabilistic experiment is an occurrence such as the tossing of a coin, rolling of a die, etc. in which the complexity of the underlying system leads to an outcome that ...