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Reliability Theory is a branch of statistics that deals with the study of determining probabilities of failure of objects and systems comprising of a number of components. The reliability of the system of course...

Queuing theory is the study of processes that involve waiting in line (queue) for a service. It consists of the development of mathematical models which mimic a real-life situation and the application of these...

Before we understand how to convert the z score to percentile we should understand what the terms z score and percentile mean. In the standard normal distribution, the value taken by the variable is called...

Suppose we want to test some property of a particular construct. Then we must design a test or a metric which measures the property. For example to study the intelligence of a person we...

The empirical rule (also known as the three-sigma rule or the 68-95-99.7 rule) is a rule frequently used in many situations to calculate intervals within which some percentage of the data values lie. The...

A bimodal distribution is a probability distribution that has exactly two modes. Here by mode, we do not mean the value with the highest frequency but the value where the frequency attains a “peak”. It...

The Pareto Distribution is a continuous probability distribution used to describe many empirical observations. It was originally used by the Italian economist Vilfredo Pareto who used it to model the distribution of wealth in...

It is a continuous probability distribution also known as the Lorentzian distribution. It looks similar to the normal distribution except that it has a relatively fatter end tail. Its probability distribution function is given as, It...