A discrete random variable is a type of random variable that can take on a countable set of distinct values. Common examples include the number of children in a family, the outcome of rolling a die, ...

Julie Young is an experienced financial writer and editor. She specializes in financial analysis in capital planning and investment management. Eric's career includes extensive work in both public and ...

Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and ...

Continuous Variable: can take on any value between two specified values. Obtained by measuring. Covariance: a measure of the direction of the linear relationship between two variables. Discrete ...

The Virginia Lottery offers a game called the New Year's Millionaire Raffle for which the top prize is one million dollars. There are 375,000 tickets sold, of which 508 are winners. There are three ...

Chance and uncertainty play a role in many aspects of life. A solid understanding of probability enhances critical thinking and empowers us to make well-informed decisions in everyday situations such ...

In the early development of probability theory, only discrete random variables (although not called random variables at the time) were considered. Isaac Newton (1643-1727) considered the idea of ...

Explain why probability is important to statistics and data science. See the relationship between conditional and independent events in a statistical experiment. Calculate the expectation and variance ...