Statistics for IT– Worldwideasy – 09 to you today Demonstrate knowledge of Random Variable Definition.

## What Is a Statistics Random Variable?

A random variable is a variable whose function is unknown or assigned a value Value for each test result. Random variables are often

Are named alphabetically and can be classified as variables.

Specific values or variables are variables that can have any value

In a continuous range.

Random variables are often used in econometric or regression analysis. Determine the statistical relationships between each other

## Explaining Random Variables Statistics

In probability and statistics, random variables are used to quantify the return of a Coincidence, so many values are available. Random variables Should be measured and are usually real numbers. For example, The letter X can then be named to represent the sum of the named numbers Three dice are rolled. In this case, it could be X 3 (1 + 1 + 1), 18 (6 + 6 + 6), or Somewhere between 3 and 18, the highest death toll is 6 and The minimum value is 1.

A random variable is different from an algebraic variable. Variable a

The algebraic equation is an unknown value that can be calculated. 10+ Equation x = 13 indicates that the exact value for x can be calculated as 3. On the other hand Hand, a random variable has a set of values, which can be any of those values Its repercussions can be seen in the example of the dice above.

In the corporate world, random variables can be assigned to properties such as the average price of an asset over a given period, the return on an investment after a specified number of years, the estimated turnover rate at a company within the following six months, etc. Risk analysts assign random variables to risk models when they want to estimate the probability of an adverse event occurring. These variables are presented using tools such as scenario and sensitivity analysis tables which risk managers use to make decisions concerning risk mitigation.

## Types Statistics of Random Variables

A Statistics random variable can be discrete or continuous.

A significant number of discrete random variables take on different values. Consider an experiment in which a coin is tossed three times. If X represents The number of times the coin lands on the head, then X is a discrete random variable It can have only 0, 1, 2, 3 values (without the succession coin three heads Throws to all heads). No other value can be set for X.

Continuous random variables can represent any value within a specific range Or an infinite number of gaps and possible values can be obtained. The continuous random variable is a measurement-related test The amount of rainfall in a city over a year or the average height of a random group of 25 people.

If y represents the random variable for the average height, draw on the second In a random group of 25 people. The results are a

Since the height can be 5 feet or 5.01 feet or 5.0001 feet, there is a continuous number of infinite number of possible values for height.

## Finally

A Statistics random variable has a probability distribution probability That any possible value can occur. The random variable Z is the number on the upper face of the deceased when it is rolled once. Possible values

For Z will be 1, 2, 3, 4, 5, and 6. The probability of each of these values is 1/6 Because they can all be equal in value to Z

For example, the probability of getting 3, or P (Z = 3) at death is 1/6,

So is the probability that all six faces have 4 or 2 or some other number To die. Note that the sum of all probabilities is 1.

Source: https://www.investopedia.com/terms/r/random-variable.asp

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