Forecasters use a specific formula to calculate rain chances: Probability of Precipitation (PoP)= Confidence (C) x Area with ...

When scientists spot an asteroid whose trajectory might take it close to Earth, they monitor it frequently and calculate the probability that it might collide with our planet.

Learn how to calculate Value at Risk (VaR) to effectively assess financial risks in portfolios, using historical, variance-covariance, and Monte Carlo methods.

When scientists spot an asteroid whose trajectory might take it close to Earth, they monitor it frequently and calculate the probability that it might collide with our planet.

It turns out that in this case the probability that they never run out of money is only 50%. There are just too many scenarios where the total returns are bad enough to deplete their funds.

Any uncertainty in the calculation of the object’s orbit causes variations in the predicted solution. Instead of one precise orbit, the calculation usually gives scientists a cloud of its possible ...