Explain What the Expected Value of a Discrete Random Variable

question 144

Essay

Explain what the expected value of a discrete random variable measures.

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Definitions:

Standard Error Of Estimate

A measure of the accuracy with which a sample distribution represents a population by quantifying the dispersion of sample mean values around the true population mean.

Predicted Values

Estimates or forecasts of outcomes generated by a model based on known data and relationships.

Coefficient Of Determination

A statistical measure, represented as R^2, that assesses how well a model explains and predicts the outcome variable.

Linear Relationship

A relationship style between two variables in which alterations in one variable correspond with comparative changes in the other.