We categorize these situations by defining a generic numerical outcome, or “random variable. ” for similar random circumstances. Identifying the type of random variable appropriate in a given situation makes it easy to find probabilities and other information that would be difficult to derive from first principles. There are two different broad classes of random variables: 1. A continuous random variable can take any value in an interval or collection of intervals. 2. A discrete random variable can take one of a countable list of distinct values.
Sometimes a random variable fits the technical definition of a discrete random variable but it is more convenient to treat it as a continuous random variable. Examples include Incomes, prices, and exam scores. Sometimes continuous random variables are rounded off to whole units, giving the appearance of a discrete random variable, such as age in years or pulse rate to the nearest beat. In most of these situations, the number of possible values is large and we are more interested in probabilities concerning intervals than specific values, so the methods for continuous random variables will be used.
We can consider discrete and continuous random variables separately because probabilities are computed and used differently for them. For discrete random variables, we are interested in probabilities of exact outcomes or a series of them. For continuous random variables, we are Interested in the probability of the outcome falling into a specific Interval. For instance, suppose you are waiting to fly on standby and you have first priority. You would want to know the probability that the number of standby passengers who will be able to board the plane (a discrete random variable) is one or more.
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Business Statistics, ISOM2500 (L3, L4 & L5) Practice Quiz I 1. The following bar chart describes the results of a survey concerning the relevance of study to present job by school. Focus on the School of Business and Management. What are the mode and the median respectively? (a) Relevant, Neutral (b) Relevant, Relevant (c) Neutral, Relevant (d) Neutral, Neutral 2-4. The manager of a specialty ...
You might also want to know the probability that the flying time (a continuous random variable) will be no more than the time specified in the flight schedule. The probability that the flying time is exactly that amount would be essentially zero, and it doesn’t make sense to talk about probabilities of exact values for continuous random variables. Remember that a discrete random variable is one that can only result in a countable set of possibilities. Although a discrete random variable often has a finite number of outcomes, that Is not always the case. Reference link: http://classof1. com/homework-help/engineering-homework-help
