Subject: Applied Statistical Methdology for business research design
Using your textbook, LIRN-based research, and the Internet, apply the learning outcomes for the week/course and lecture concepts to the following question.
● Explain the significance of the mean, variance, and standard deviation for a random variable. Does the significance change when passing from the discrete case to the continuous case?
● Provide a detailed discussion on the distribution of a discrete random variable, in general terms, and then provide a numerical example of this distribution. What are the mean and the standard deviation in your example? How does this differ in the case where the random variable is continuous? Explain.
● How does the probability of union of disjoint events exhibit itself when dealing with a (discrete or continuous) random variable? Provide an example.