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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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