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Main Question or Discussion Point
Hi guys,
For my (master) project I am trying to find the probability that a random variable, which is normally distributed, exceeds a quantile that is estimated by a limited number of observations. See attached for my attempt.
 Is it correct?
 How to incorporate the fact that the mean and variance of the normal distribution are unknown in reality?
Thanks in advance!!
For my (master) project I am trying to find the probability that a random variable, which is normally distributed, exceeds a quantile that is estimated by a limited number of observations. See attached for my attempt.
 Is it correct?
 How to incorporate the fact that the mean and variance of the normal distribution are unknown in reality?
Thanks in advance!!
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