Probability in R
Vikram Miglani FRM CQF CFA Level 2 Financial Modeling Valuations Inv Banking Derivative Trainer
25000+ Followers, Visiting Faculty at BML, ISBF,LBSIM, JIMS, ICOP, Courses Mojo Academy, Moody's, JMN Investments,FM Ins
In this blog Titled “Probability in R” we will not only learn the basic concepts of probability but also how to implement them in R using package ‘prob’.
So, first, install the package ‘prob’ using:
Install.packages(“prob”)
What is randomness?
A lack of pattern in events is called randomness.In reality however, it is difficult to generate or observe truly random patterns,as the human mind tends to overthink and look for patterns in the data.For example, after getting 4 sixes in 4 consecutive rolls of a die,we would think that getting a 6 on the 5th roll of the dice is very unlikely.But,you will note that the probability of getting a 6 remains the same even on the 5th roll and is not dependant on previous rolls of the die.
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