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Random Variables, Mean, and Variance

In: Introductory Statistics for Business and Economics

Author

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  • Jan Ubøe

    (Norwegian School of Economics)

Abstract

In this chapter we will introduce a general framework we will use to study statistical distributions. A statistical distribution specifies the probability of the different outcomes that can occur. We can, e.g., ask about the probability for exactly x defective items in a sample of 10 items. We let x run from 0 to 10, and compute 11 probabilities. The set of these probabilities we call the distribution. When the distribution is known, we are usually able to compute all the probabilities we may need. The distribution is hence the key to our calculations.

Suggested Citation

  • Jan Ubøe, 2017. "Random Variables, Mean, and Variance," Springer Texts in Business and Economics, in: Introductory Statistics for Business and Economics, chapter 5, pages 75-96, Springer.
    • Handle: RePEc:spr:sptchp:978-3-319-70936-9_5
    DOI: 10.1007/978-3-319-70936-9_5
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