Learn how prior probability informs economic theory and decision-making in Bayesian statistics. Understand its role before collecting new data.

An OIP bushing failure on the 400-kV, 100-MVAR reactor caused this reactor fire. A large percentage of the power transformers in commission contain large quantities of mineral oil. While the ...

Sales probability, or sales forecasting, is a process where a company attempts to predict its sales in the future. This helps the company better plan for hiring employees, making inventory purchases, ...

Life is uncertain. None of us know what is going to happen. We know little of what has happened in the past or is happening now outside our immediate experience. Uncertainty has been called the ...

The times they are a changin’ … and so are the stats. The old process of judging baseball players and teams relied on simple counting stats (runs batted in, hits, wins) and basic rate stats (batting ...

Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and ...