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QAT1 - Ch 3.2
Quantitative Analysis - Ch 3.2
Question | Answer |
---|---|
Probability function | A function, denoted ƒ(x), that provides the probability that a discrete random variable x takes on some specific value. |
Discrete probability distribution | A table, graph, or equation describing the values of the random variable and the associated probabilities. |
Expected value | A weighted average of the values of the random variable, for which the probability function provides the weights. If an experiment can be repeated a large number of times, the expected value can be interpreted as the “long-run average.” |
Variance | A measure of the dispersion or variability in the random variable. It is a weighted average of the squared deviations from the mean, m. |
Standard deviation | The positive square root of the variance. |