Business, like many other fields, can benefit from the use of statistics in estimating or predicting future events. An important tool for business statistics is a confidence interval, which helps a ...

Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and ...

I am looking to estimate the potential for failure in a complex system using Monte Carlo simulation. I am quite familiar with using MC for engineering simulations, but have never approached the ...

Understanding the confidence interval will help you grasp what an election poll is -- or is not -- saying. As you might have guessed, the media consistently gets it wrong. Candidate Gobermouch is ...

Sometimes it’s hard to have confidence in science. So many results from published scientific studies turn out to be wrong. Part of the problem is that science has trouble quantifying just how ...