Advertisement
Online Test Banks
Score higher
See Online Test Banks
eLearning
Learning anything is easy
Browse Online Courses
Mobile Apps
Learning on the go
Explore Mobile Apps
Dummies Store
Shop for books and more
Start Shopping

Random Variables and Probability Distributions in Business Statistics

Part of the Business Statistics For Dummies Cheat Sheet

Random variables and probability distributions are two of the most important concepts in statistics. A random variable assigns unique numerical values to the outcomes of a random experiment; this is a process that generates uncertain outcomes. A probability distribution assigns probabilities to each possible value of a random variable.

The two basic types of probability distributions are discrete and continuous. A discrete probability distribution can only assume a finite number of different values.

Examples of discrete distributions include:

  • Binomial

  • Geometric

  • Poisson

A continuous probability distribution can assume an infinite number of different values. Examples of continuous distributions include:

  • Uniform

  • Normal

  • Student's t

  • Chi-square

  • F

  • Add a Comment
  • Print
  • Share
blog comments powered by Disqus
Advertisement
Advertisement

Inside Dummies.com

Dummies.com Sweepstakes

Win an iPad Mini. Enter to win now!