Discrete Random Variables
Distinguish between the countable and the continuous, and learn how chance determines the value of variable outcomes.
Random Variables
A Random Variable is a numerical measure of the outcome from a probability experiment. Its value is determined by chance and is typically denoted by letters like .
Discrete
Has either a finite or countable number of values.
- • Number of heads in 5 coin flips
- • Number of students in a class
Continuous
Has infinitely many values and results from measurements.
- • Height of a person
- • Time it takes to complete a task
Discrete Probability Distributions
A probability distribution provides the possible values of a random variable and their corresponding probabilities. It can be presented as a table, graph, or formula.
Required Rules
Each probability must be between 0 and 1, inclusive.
The sum of all probabilities must equal exactly 1.
Graphing Distributions
Discrete Probability Histograms
Discrete probability distributions are typically graphed as histograms.
100 Coin Flips (Fair)
Let X = Number of Heads in 100 Flips. This approximates a Normal bell curve.
Mean & Expected Value
The Mean ()
The mean of a discrete random variable is the weighted average of all possible values. It is computed as:
Because the mean represents long-term expectations, it is also called the Expected Value, .
Interpretation: The mean represents the long-term average outcome if the experiment is repeated many times (the Law of Large Numbers). It does not necessarily represent the result of a single experiment.
Standard Deviation
The standard deviation () measures the spread or dispersion of the distribution. It tells us how far, on average, the random variable is from the mean.
Common Pitfalls
Real-World Application
Insurance & Risk Management
Insurance companies use Expected Value to set premiums. They calculate the average payout per policy (probability of accident × cost) and charge more than that amount to ensure profit over thousands of customers.
Casino Games
Every casino game has a negative Expected Value for the player. The "House Edge" ensures that, by the Law of Large Numbers, the casino always wins in the long run.
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