Probability Theory

Coupon Collection
The Coupon Collector's Problem is a classic example in probability theory concerning how many trials are expected to collect all possible outcomes. This can be represented by the process of collecting coupons, each of which represents a unique outcome in a finite sample space.
Disjoint Events
Disjoint events, also known as mutually exclusive events, are pairs of events in a probability space that cannot occur at the same time.
Independent Events
Independent events are two or more events whose occurrences do not affect one another. Understanding the independence of events is crucial in probability theory and statistics.
Poisson Distribution
The Poisson distribution is a type of probability distribution that typically models the count or number of occurrences of events over a specified interval of time or space.
Random Variable
A random variable is a fundamental concept in statistics used to describe quantities that have no fixed value but instead are subject to variability due to random phenomena.

Accounting Terms Lexicon

Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.