Week+4+Objectives.docx - Page 1 of 3 Course MGMT650 Course...

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Page 1 of 3 Course #: MGMT650 Course Title: Statistics for Managerial Decision Making Week 4: Discrete Probability Distributions and Continuous Probability Distributions: It is very important to know the difference between discrete and continuous random variables. There are different distributions belonging to each category with different calculations and purposes. Learning Objectives: 1. What is the difference between discrete and continuous probability distributions? A random variable describes an experiment with random outcomes. The probability distribution of a random variable describes probabilities of values of the random variable. A discrete random variable takes values that can be listed or enumerated. Examples: The list of the number of heads in a 4 tosses of a fair coin is {0,1,2,3,4}. The enumeration of the number of insects in an acre is {0,1,2,3,4, . . .} A continuous random variable can take any value, infinitely many, in an interval. 2. When would you use a Normal, Standard Normal, Binomial or Poisson Distribution?
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  • Spring '14

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