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Stats. - Stats 2510 Feb 9 2017 Chpt 5 Section 5.2 Mean and...

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Stats. 2510 Feb. 9, 2017 Chpt. 5 Section 5.2 Mean and Standard Deviation of Discrete Random Variables Mean of D.R.V X is denoted by µ(mu) µ = Σ x p ( X = x ) Expected value is frequently used in place of the term mean Interpretation of Mean of Random Variable Law of Large Numbers more observations=an average value that will be closer mu Example: Dice Game Rules: Roll a 1=$2 Roll a 6=$1 Roll a 2,3,4,5= lose $1
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