Chapter 15: Random Variables

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7 Terms

1
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mean

(xP) + (xP)….

2
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variance

o² = P(x-mean)² +…

3
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standard deviation

-/variance

4
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mean equates

to customer payout

EX: 20 for mean, 50 charged, 30 profited from company

5
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SINGLE distribution alterations by a CONSTANT

mean - adjusted by both multiplication and addition

variance - affected only by the multiplication squared

standard deviation - affected only by multiplication

6
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Sum and difference of two RANDOM VARIABLES 

mean - additive

variance - also additive, but sqrt after 

7
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Can use mean and standard deviation

to do z-score calculation or probability (x-mean/SD = z score)