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 +…
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standard deviation
-/variance
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mean equates
to customer payout
EX: 20 for mean, 50 charged, 30 profited from company
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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
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Sum and difference of two RANDOM VARIABLES
mean - additive
variance - also additive, but sqrt after
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Can use mean and standard deviation
to do z-score calculation or probability (x-mean/SD = z score)
Note 
Flashcards (60)