LEARNING OBJECTIVES After studying this chapter, you should be able to:
- Distinguish between discrete and continuous random
variables.
- Explain how a random variable is characterized by its
probability distribution.
- Compute statistics about a random variable.
- Compute statistics about a function of a random variable.
- Compute statistics about the sum of a linear composite of
random variables.
- Identify which type of distribution a given random variable is
most likely to follow.
- Solve problems involving standard distributions manually using
formulas.
- Solve business problems involving standard distributions using
spreadsheet templates.
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