BUSS1020 Lecture Notes - Lecture 6: Random Variable, Probability Distribution, E.G. Time

• School: University of Sydney
• Department: Business Studies
• Course: BUSS1020
• Professor: Erick Li

Document Summary

Continuous random variables can assume any value on continuum (can assume an uncountable number of values) Can take on any value depending on the ability to precisely and accurately measure. + to - = theoretical range of random variable. The formula for the normal probability density function is: Any normal distribution (with any mean and standard deviation combination) can be transformed into the standardised normal distribution (z) need to transform x units into z units. Z has a mean of 0 and sd of 1. Gives probability less than a desired value of z. P(a