Explanation to random variables questionrandom

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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: EM13368328

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