What Is A Probability Density Function? A probability density function, also known as a bell curve, is a fundamental statistics concept, that describes the likelihood of a continuous random variable ...
Continuous Variable: can take on any value between two specified values. Obtained by measuring. Discrete Variable: not continuous variable (cannot take on any value between two specified values).
The Monte Carlo simulation estimates the probability of different outcomes in a process that cannot easily be predicted because of the potential for random variables.
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