Monte Carlo Method The Monte-Carlo method is a technique used to approximate a value (or function value) by utilizing random samples generated from a probability distribution. This method relies o...

Bayesian Inference Bayesian inference is a method of statistical inference that updates the probability of a hypothesis as new data becomes available. It is based on Bayesian probability, which tre...

In parameter estimation, population distribution (e.g., normal distribution) are typically assumed, and the parameters of the distribution are estimated and tested (reference). However, when it is ...

The process of using information from a sample to make inferences or draw conclusions about a population is called statistical inference. The two main types of statistical inference are estimation ...

Joint Probability Distribution Joint Probability Distribution A joint probability distribution represents the probabilities of all possible pairs of values that two random variables can take. ...

Probability Probability refers to a measure of the likelihood of an event occurring, and the probability of event $A$ is denoted as $P(A)$. $P(A)$ = “Number of elements in event $A$” / “Total n...