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This book provides a thorough understanding of distribution theory and data analysis using statistical software to solve problems related to basic statistics, probability models, and simulation. It presents a detailed explanation of different distribution concepts used in statistics along with their application in real-life situations. Covering the analytical aspects using the latest software, the volume discusses stochastic methods and other statistical methods. It provides an overview of statistical data analysis by taking actual situations and implementing open-source software R version 4.0 and Python 3.0+. A detailed study of the statistical models is also provided with examples related to health, agriculture, insurance, and other sectors.