MGMT 1050 Chapter Notes - Chapter 8: Probability Distribution, Random Variable
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As a result, can only determine the probability of only a range of values. The sum of the probabilities equal to 1. To find the probability that falls between 50-80, you need to divide each relative frequency by the width of the interval, which was 15. Density function looks at probability under the curve. Uniform distribution: to illustrate how to find the. The graph produced is rectangular, used to help determine the area under the rectangle. P( 2,500 x 3,000) = 1/3,000 ( 3,000 2,500) = 0. 1667: p(x 4,000) = 1/3,000 (5,000 4,000) ^ cannot determine discrete values with a continuous function. The normal curve is the most important of all probability distributions. Described by two parameters: the mean, and the standard deviation. The normal curve can have the same variance, despite different means. Can be done by reducing the tables needed to one by standardizing the random variable. Standard normal variable: the transformed variable, represented as z.
