What Is A Random Variable

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Random variable definition types and role in finance

Random Variable Definition Types And Role In Finance

A random variable is a variable whose value is unknown or a function that assigns values to each of an experiment s outcomes A random variable can be either discrete having specific values About this unit. Random variables can be any outcomes from some chance process, like how many heads will occur in a series of 20 flips of a coin. We calculate probabilities of random variables and calculate expected value for different types of random variables.

Mean of random variable variance of random variable

Mean Of Random Variable Variance Of Random Variable

What Is A Random VariableA random variable is considered a discrete random variable when it takes specific, or distinct values within an interval. Conversely, if it takes a continuous range of values, then it is classified as a continuous random variable. Random variables are generally represented by capital letters like X and Y. What is Random Variable in Statistics In probability a real valued function defined over the sample space of a random experiment is called a random variable That is the values of the random variable correspond to the outcomes of the random experiment Random variables could be either discrete or continuous