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Probability theorems


There are four important probability theorems for risk analysis. Their meaning and use are discussed in this section:


Strong law of Large Numbers (also called Tchebysheffs inequality 1)

Binomial Theorem

Bayes Theorem

Central Limit Theorem (CLT)


We also offer a number of mathematical techniques useful in risk analysis and referenced elsewhere:


Taylor series

Tchebysheffs Rule (Theorem)

Markov Inequality

Least Squares Linear Regression

Rank Order Correlation Coefficient



1 After the Russian mathematician Pafnuti Tchebysheff (1821-1894). Other transliterations of his name are Tchebycheff, Chebyshev and Tchebichef.


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