Search results for keyword: randomness
contingency theory
The theory of probability, or the ‘accidental’ theory, is a mathematical concept which has a direct application to the physical sciences. This form of reasoning is used to explain an event or series of events which have an outcome or result that is statistically predictable, but which cannot be ......
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Oliver
Commodity Quality Supervision
Good Product Quality Supervision
Good product quality supervision is an important factor in the success of any business. In any manufacturing, the quality of the products is key to the success of the company, and the safety and welfare of customers. Quality control and quality assurance are the t......
claude shannon
Claude Shannon is one of the most influential and important people in the history of communication and computing. He is often referred to as the “Father of Information Theory.” Shannon’s contributions to the fields of communication and computing have been numerous and have been recognized by nu......
Markov
Markov Processes
Markov Processes are a powerful tool for modelling and analysing systems that evolve over time. Markov Processes are stochastic processes, which means that their behaviour is determined by randomness rather than pre-determined logic. This makes them especially useful for predicti......
variance ratio test
Variance Ratio Test
A variance ratio test is an important statistical method used to determine whether the variance of two samples is significantly different. The variance ratio test is most commonly used to compare two groups of data, such as the differences between two time periods, two groups ......
random game
Random Game Theory
Random game theory, a type of mathematics that studies the effects of random variables on games, has become increasingly popular over the past several decades. Game theory has traditionally been used to model competitive situations and maximize a particular reward, such as mone......
probability theory
Probability Theory
Probability theory is the branch of mathematics dealing with the analysis of events that are uncertain but still have a degree of predictability. Probability theory is useful in describing the distribution of outcomes from experiments that involve a measure of randomness. Proba......
objective probability method
Objective probability theory is a branch of mathematics that looks at the probability of events occurring. It is used to calculate the likelihoods of different outcomes of events and is the basis of research in many different fields, including finance and insurance. In this article, we will discus......
rational expectations
What is Rational Expectation?
Rational expectation is an economic term which dictates how people, groups, organizations and states make economic decisions based on their reasonable assumptions about the future. According to the theory, people are expected to make decisions based on an unbiased ex......
random walk theory
Random Walk Theory
Random Walk Theory is an economic theory that states that stock market prices cannot be predicted and that they move randomly over time. The theory is based on the assumption that stock prices display random behavior and that they follow a distribution known as a ‘random walk......
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