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Reservation against Cancellation. A Reservation Against Cancellation (RAC) is a type of ticket that can be sold for travel on the Indian Railways. Although it ensures certainty of travel, it does not guarantee a berth. A berth will be allocated to the ticket who reserves an RAC ticket if passengers who already have a confirmed ticket do not ...
In a typical 6/49 game, each player chooses six distinct numbers from a range of 1–49. If the six numbers on a ticket match the numbers drawn by the lottery, the ticket holder is a jackpot winner— regardless of the order of the numbers. The probability of this happening is 1 in 13,983,816. The chance of winning can be demonstrated as ...
Lottery paradox. The lottery paradox [1] arises from Henry E. Kyburg Jr. considering a fair 1,000-ticket lottery that has exactly one winning ticket. If that much is known about the execution of the lottery, it is then rational to accept that some ticket will win. Suppose that an event is considered "very likely" only if the probability of it ...
A passenger name record ( PNR) is a record in the database of a computer reservation system (CRS) that contains the itinerary for a passenger or a group of passengers travelling together. The concept of a PNR was first introduced by airlines that needed to exchange reservation information in case passengers required flights of multiple airlines ...
Gambler's fallacy. The gambler's fallacy, also known as the Monte Carlo fallacy or the fallacy of the maturity of chances, is the belief that, if an event (whose occurrences are independent and identically distributed) has occurred more frequently than expected, it is less likely to happen again in the future (or vice versa).
t. e. Bayesian probability ( / ˈbeɪziən / BAY-zee-ən or / ˈbeɪʒən / BAY-zhən) [1] is an interpretation of the concept of probability, in which, instead of frequency or propensity of some phenomenon, probability is interpreted as reasonable expectation [2] representing a state of knowledge [3] or as quantification of a personal belief.
t. e. In probability theory, conditional probability is a measure of the probability of an event occurring, given that another event (by assumption, presumption, assertion or evidence) is already known to have occurred. [1] This particular method relies on event A occurring with some sort of relationship with another event B.
Lottery (probability) In expected utility theory, a lottery is a discrete distribution of probability on a set of states of nature. The elements of a lottery correspond to the probabilities that each of the states of nature will occur, e.g. (Rain:.70, No Rain:.30). [1] Much of the theoretical analysis of choice under uncertainty involves ...