BUS 082 Lecture Notes - Lecture 14: Random Variable, Mandala 2, Binomial Distribution

• School: College of The Sequoias
• Department: Business (BUS)
• Course: BUS 082
• Professor: bettencourt

Document Summary

Random variable the possible outcomes from an uncertain event. Continuous random variable takes values at every point in a given interval. Discrete random variable set off all possible outcomes if finite. Number of subscribers to a magazine etc. A mutually exclusive and collectively exhaustive list of all possible outcomes for. Probability distribution for a discrete random variable that random variable and the associated probabilities of each outcome. Expected mean = = e(x) = xp( x = x ) = sum of x value times probability of that value. = (0 x 0. 8) + (1 x 0. 01) + (2 x 0. 03) + (3 x 0. 16) = 0. 55. 2 =e [ (x e(x))2 ] Counts number of events of interest occurring from a fixed number of. Each observation is categorised as to whether or not the event occurred. The two categories are mutually exclusive and collectively exhaustive.