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In the real world, probability is a tough thing to characterize. If I roll a die, what does it mean to say that it has a one-sixth chance of coming up 5? We say that the outcome is random because we ...

Probability underpins AI, cryptography and statistics. However, as the philosopher Bertrand Russell said, “Probability is the most important concept in modern science, especially as nobody has the ...

Here’s a game Claude Shannon, the founder of information theory, invented in 1948. He was trying to model the English language as a random process. Go to your bookshelf, pick up a random book, open it ...

Random processes take place all around us. It rains one day but not the next; stocks and bonds gain and lose value; traffic jams coalesce and disappear. Because they’re governed by numerous factors ...

Probability is a measure of the likelihood of events happening. The greater the proportion of times an event can happen the greater (or more likely) the probability. Events can be ordered by the ...

This course is available on the MSc in Financial Mathematics, MSc in Mathematics and Computation and MSc in Quantitative Methods for Risk Management. This course is available with permission as an ...