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ModelRisk is a very powerfull tool to calculate probabilty (Excell add-in).
You have a lot of distributions (more than every other software on the market), a special Probabilty Calculation menu, time series, aggregate, distribution fit and so much more.
I really love it to calculate my statistical problems. I have bought a copy of ModelRisk and didn't regret it + good customer service.
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Where is probability used in the real world?
Probability is used everywhere: Betting odds. Medical odds, (chance of survival or chance of side effect happening). Anywhere we calculate risks (insurances calculate premiums based on probability). Communication Networks
How useful probability in statistics?
Statistics is based on the theoretical foundation of probability.
How do you calculate outage probability for rician fading?
outage probability
Two dice are rolled what is the probability of rolling at least one six?
First calculate the probability of not rolling a six - since there are 5 possibilities for each die, this is (5/6) x (5/6). Then calculate the complement (1 minus the probability calculated).First calculate the probability of not rolling a six - since there are 5 possibilities for each die, this is (5/6) x (5/6). Then calculate the complement (1 minus the probability calculated).First calculate the probability of not rolling a six - since there are 5 possibilities for each die, this is (5/6) x (5/6). Then calculate the complement (1 minus the probability calculated).First calculate the probability of not rolling a six - since there are 5 possibilities for each die, this is (5/6) x (5/6). Then calculate the complement (1 minus the probability calculated).
How do you calculate the probability of observing a sample proportion of .32 or more?
You need a null hypothesis first. You then calculate the probability of the observation under the conditions specified by the null hypothesis.
