Functional safety engineers follow the ISA/IEC 61511 standard and perform calculations based on random hardware failures. These result in very low failure probabilities, which are then combined with ...

Journal of Business & Economic Statistics, Vol. 34, No. 4, Special Issue on Big Data (October 2016), pp. 661-672 (12 pages) Randomized controlled trials play an important role in how Internet ...

Discover how credibility theory helps actuaries use historical data to estimate risks and set insurance premiums; learn how ...

Some say that if you can’t measure something, you’re not doing science. Bayesian logic offers a way to measure things that were previously unmeasurable, allowing us to test hypotheses and predictions ...