Random variable, Mathematics

Assignment Help:

RANDOM VARIABLE

A variable which assumes different numerical values as a result of random experiments or random occurrences is known as a random variable.

The rainfall measured in centimeters on each day of the monsoon season, the maximum temperature of each day for a city, the number of passengers traveling by train from Delhi to Mumbai everyday and the number of patients seen by a doctor each day are all examples of random variables. That is, the values assumed by these variables on each day would be random and cannot be accurately predicted. The prices of a share in a perfectly efficient market are supposed to follow a random walk in which the current price is totally independent of the price changes occurring in the past. Hence, previous price patterns cannot be used to predict the future prices.

If the random variable can assume any value within a given range, it is called a continuous random variable. On the other hand, if the random variable can assume only a limited number of values, it is called a discrete random variable. In examples cited in the previous para, rainfall and maximum temperature are examples of continuous random variables as they can register a wide variety of values within a given range. For instance, where the temperature is being measured in Celsius, within a range of 29oC to 30oC, the temperature could assume such values as 29.4oC, 29.75oC, 29.87oC. The number of persons traveling from Delhi to Mumbai everyday and the number of patients seen by a doctor each day are examples of discrete random variables as these values could only be whole numbers. You cannot have 353.5 persons traveling or 18.7 patients visiting the doctor. 


Related Discussions:- Random variable

Area in polar cordinates, find the area of the region within the cardioid r...

find the area of the region within the cardioid r=1-cos

Produt promotion, What is the structure of produt promotion?

What is the structure of produt promotion?

Algebra, how do you work out algebra

how do you work out algebra

Mixing problems, In these problems we will begin with a substance which is ...

In these problems we will begin with a substance which is dissolved in a liquid. Liquid will be entering as well as leaving a holding tank. The liquid entering the tank may or may

Probability, an insurance salesman sells policies to 5 men, all of identica...

an insurance salesman sells policies to 5 men, all of identical age in good health. the probability that a man of this particular age will be alive 20 years hence is 2/3.Find the p

How many gumdrops, Will has a bag of gumdrops. If he eats 2 of his gumdrops...

Will has a bag of gumdrops. If he eats 2 of his gumdrops, he will have among 2 and 6 of them left. Which of the subsequent represents how many gumdrops, x, were originally in his b

Unbounded intervals, Intervals which extend indefinitely in both the ...

Intervals which extend indefinitely in both the directions are known as unbounded intervals. These are written with the aid of symbols +∞  and -  ∞  . The various types

What division means, WHAT DIVISION MEANS :  Ask any primary school teacher...

WHAT DIVISION MEANS :  Ask any primary school teacher which areas in arithmetic the children find very difficult. Division will probably top her list. This is not surprising. If y

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd