This paper considers sampling proportional to expected size from a partly unknown distribution. The applied context is the exploration for undiscovered resources, like oil accumulations in different deposits, where the most promising deposits are likely to be drilled first, based on some...

Non-life insurance companies most especially, are often faced with the challenge of predicting the number of claims and claim amount to be incurred at any given time. Overcoming such challenges requires examining claim patterns, which assists in premium determination and setting of reserves. The...

This paper considers the problem of point prediction based on a predictive distribution, representing the uncertainty about the outcome. The issue explored is the reporting of a single characteristic, typically the mean, the median or the mode, in the context of a skewed distribution and...

This article presents a novel combination of robust optimization developed in mathematical programming, and robust parameter design developed in statistical quality control. Robust parameter design uses metamodels estimated from experiments with both controllable and environmental inputs...

This article is the first of a series discussing the Bayesian Network representation of multivariate normal distributions. A joint normal distribution being fully specified by its mean vector and its covariance matrix is not simple to interact with as its Bayesian network equivalent....