Probability Model

These flashcards cover essential vocabulary related to probability models and random variables.

Random Variable

A variable that depends on the outcome of a random event.

Discrete Random Variable

A variable that can take one of a finite number of distinct outcomes.

Continuous Random Variable

A variable that can take any numeric value within an interval.

Probability Distribution

A function that describes the likelihood of obtaining the possible values that a random variable can take.

Expected Value (E(X))

The long-run average value or population mean of a random variable.

Variance (Var(X))

A measure of how much the values of a random variable vary.

Standard Deviation (σ)

The square root of the variance; it measures the dispersion of a set of values.

Probability Model for Discrete RVs

Comprises the collection of all possible values of a random variable, along with the probabilities that these values occur.

Cumulative Probability

The sum of the probabilities of a random variable being less than or equal to a certain value.

Independence of Random Variables

Two random variables where the occurrence of one does not affect the occurrence of the other.