Welcome to the section on Advanced Probability Theory. This page provides an in-depth look into the principles and applications of probability theory, which is a fundamental concept in mathematics and statistics.
Key Concepts
- Probability Space: A mathematical space that defines the sample space, events, and probability measure.
- Random Variable: A function that assigns a numerical value to each element in a sample space.
- Expectation: The weighted average of all possible values that a random variable can take.
Applications
Probability theory finds applications in various fields, including:
- Engineering: Reliability analysis, risk assessment.
- Finance: Options pricing, portfolio optimization.
- Medical Research: Clinical trials, statistical inference.
Probability Theory in Engineering
Further Reading
For more information on advanced probability theory, you can explore the following resources:
Probability and Statistics