In order to use Venn diagrams when talking about events, we must first understand the term 'mutually exclusive'. Imagine there are two events: event A and event B. If they both cannot happen at the ...

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 ...

In order to get a more accurate estimate of the probability, we would need to look at a greater number of trials. Let’s imagine we have a bag containing two different types of sweet but we do not know ...

A history of the selection of the widely used significance level leaves much to be desired. Statisticians and non-statisticians daily select the level of statistical significance to be used for ...