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.
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