SCM 470 Exam #1
Random Variable A mathematical device which represents a numerical quantity whose value is
uncertain and may differ every time we observe it.
Most often classified as *discrete* or *continuous*.
Sample Space The possible values that a random variable can take.
Ex. When tos...
Random Variable ✅A mathematical device which represents a numerical quantity whose value is
uncertain and may differ every time we observe it.
Most often classified as *discrete* or *continuous*.
Sample Space ✅The possible values that a random variable can take.
Ex. When tossing a coin, our sample space is {Heads, Tails}
Probability Density Functions (PDF) ✅Describes the likelihood of observing different values in a random
variable's sampling space.
Cumulative Distribution Function (CDF) ✅The cumulative distribution function is utilized to determine
the probability of observing a value of a random variable less than or equal to the specified value.
CDF is the integral of the PDF.
Mean ✅Indicates the central tendency of a random variable.
Variance ✅Indicates the extent observed values of a random variable are spread from its mean.
Skew ✅Measures the degree that a random variable PDF is asymmetric.
Becomes important when conducting statistical inference and assuming cutoff values when setting
safety stock.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller CertifiedGrades. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.99. You're not tied to anything after your purchase.
