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Flashcards covering the key concepts of probability, random variables, expected values, standard deviations, and more from the unit.
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Expected Value
The mean of a probability distribution, calculated as the weighted average of all possible values of a random variable.
Standard Deviation of a Random Variable
A measure of the amount of variation or dispersion of a set of values, calculated by determining the square root of the variance.
Variance
The expected value of the squared deviations from the mean, a measure of the spread of a probability distribution.
Combining Random Variables
The process of adding or subtracting two or more random variables to analyze their collective distribution properties.
Transformation of Random Variables
The effects on means and standard deviations when a random variable is altered through operations like addition, subtraction, multiplication, or division.
Independent Random Variables
Random variables that do not influence each other; the occurrence of one does not affect the probability of occurrence of the other.
Linear Combination of Random Variables
A linear combination involves sums and scalars of random variables, which affect their mean and variance according to specific rules.
Probability Distribution
A mathematical function that provides the probabilities of occurrence of different possible outcomes for an experiment.