6. Variance And Standard Deviation Of D RV

1. Calculate mean by taking the possible value of the variable and multiplying it by the probability of said value

2. Then add all values together and divide by total number of values, like a normal average.

The result is not exact for every situation, but acts as a good assumption.

Random Variable: A variable that is currently undefined with an attached probability.

Defining them is important to quantify outcomes.

1. First always find relative frequencies.

2. All models must add up to 1 or 100%

3. These models can then be put in graphs or charts or otherwise presented

Discrete: distinct, individual value

Continous: any value in an interval

The difference between them is akin to integers vs any number.