SM221 Study Guide for Exam 2 - SM221 Study Guide for Exam 2...

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SM221 Study Guide for Exam 2 Random variable- describe outcome of probabilistic or statistical process. Numerical equivalent to a group of events Probability distribution- mutually exclusive and collectively exhaustive o List possible random variable values, and probability associated with each possible value Parameters- numbers used to describe distribution o E(x)= Expected value of X-long run average value of X o Repeat experiment many times and average results of what is outcomes o Central tendency-middle of distribution- the MEAN . o DOES NOT HAVE TO BE ONE OF THE OUTCOMES o E(X)= [ (x Σ 1 ) * F(x 1 )] ….the sum of each X*f(x) Standard Deviation-measure of variability/dispersion o How far away from the center, E(x), will individual values of x tend to be o σ = square root[ Σ {x- E(x)} 2 *F(x)] ….. Subtract the mean from x and then square that value and then multiply the squared value by f(x) and then add up the individual final values to get the sum which is the variance and then take the square root of that number to get σ Binomial distribution o
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