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NishMath
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@vatsalkumar.medium.com - 13d
Recent articles have focused on the practical applications of random variables in both statistics and machine learning. One key area of interest is the use of continuous random variables, which unlike discrete variables can take on any value within a specified interval. These variables are essential when measuring things like time, height, or weight, where values exist on a continuous spectrum, rather than being limited to distinct, countable values. The concept of the probability density function (PDF) helps us to understand the relative likelihood of a variable taking on a particular value within its range.
Another significant tool being explored is the binomial distribution, which can be applied using programs like Microsoft Excel to predict sales success. This distribution is suited to situations where each trial has only two outcomes – success or failure, like a sales call resulting in a deal or not. Using Excel, one can calculate the probability of various sales outcomes based on factors like the number of calls made and the historical success rate, aiding in setting achievable sales goals and comparing performance over time. Also, the differentiation between binomial and poisson distribution is critical for correct data modelling, with binomial experiments requiring fixed number of trials and two outcomes, unlike poisson. Finally, in the world of random variables, a sequence of them conditionally converging to a constant value has been discussed, highlighting that if the sequence converges, knowing it passes through some point doesn't change the final outcome.
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