The central limit theorem is a cornerstone of statistics, stating that the sum of many random variables will be approximately normally distributed, and thereby explaining the ubiquity of the normal distribution. An example is the normal approximation of the Binomial…

Comments closed# Category: Stochastic Processes

Usually, we are not only interested in the outcomes of a random experiment or combinations thereof, but also the implications they might have – which might be quantified by a value and brings us to the concept of a random…

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