Explanation to random variables question

Assignment Help Business Management

Reference no: EM1365688

Explanation to "Random Variables" question

Random Variables

Events repeat themselves, such as going to work, producing a widget from machine X, selling widgets, etc. In the events there are outcomes that can be quantified or measured; e.g. the time it takes to drive to work, defective widgets, number of widgets sold each month. But these outcomes are not the same. The time it takes to drive to work can vary each day depending on a lot of factors. And the same can be said of the other outcomes. Since we are not able to know the exact amount for these VARIABLES, we call them Random Variables. This is in contrast to known or fixed amounts, such as your weekly pay check, the size of your shoes, etc. Random Variables are random because there are factors at work in the process that affect the outcome. Yet, if we collect the data over time, we can calculate statistics about these variables, such as the average (mean) and variance.

What are some random variables that you experience in your daily life? Identify three of them and discuss how you would go about collecting data to determine the mean and variance.

Reference no: EM1365688

Questions Cloud

Future of mental health services : Describe what you believe will be the future of mental health services

Recent disaster : Describe at least three regulations or procedures and explain how they were applied/or not applied to prevent workers' exposure to hazardous materials and other harmful conditions.

Need for political coalitions : The Carnegie model emphasizes the need for political coalitions in the decision making process. When and why are coalitions necessary?

Relationship between employee training and development : Show What is the relationship between employee training and employment development

Explanation to random variables question : What are some random variables that you experience in your daily life and identify three of them and discuss how you would go about collecting data to determine the mean and variance.

Determine the information technology used in the business : Determine the information technology used in the business and develop the information technology plan for managing and controlling information.

Case study to evaluate training needs : How would you evaluate that the designed training accomplished its objectives? How would you convince top management that it would be worth it?

Projecting pedex and ups stock prices : Projecting PEDEX and UPS stock prices - Prepare a graph from the historical data and forecast on the same graph.

Discuss the dmaic process : Discuss the Measurement Phase. What do you think are the most important aspects of this phase of the DMAIC (Define, Measure, Analyze, Improve and Control) process? What are some problems that can occur?

User Account

All Pages