Abstract: A simple, novel, and general method is presented in this paper for approximating the sum of independent or arbitrarily correlated lognormal random variables (RV) by a single lognormal RV.

Abstract: We have recently proposed a general approach for approximating the power sum of log-normal random variables (RVs) by using the Pearson system of distributions, and then used it for ...

The time required for servicing transmissions is normally distributed with = 45 minutes and = 8 minutes. The service manager plans to have work begin on the transmission of a customer’s car 10 minutes ...

The Central Limit Theorem (CLT) says that the distribution of a sum of independent random variables from a given population converges to the normal distribution as the sample size increases, ...