Definition of Random variable:
That can assume any value from a set of possible values.
Random variables are often used in econometric or regression analysis to determine statistical relationships among one another.
A quantity having a numerical value for each member of a group, especially one whose values occur according to a frequency distribution.
A random variable is a variable whose value is unknown or a function that assigns values to each of an experiment's outcomes. Random variables are often designated by letters and can be classified as discrete, which are variables that have specific values, or continuous, which are variables that can have any values within a continuous range.
How to use Random variable in a sentence?
- A random variable can be either discrete (having specific values) or continuous (any value in a continuous range).
- A random variable is a variable whose value is unknown or a function that assigns values to each of an experiment's outcomes.
- In this case, the numbers of people wanting to buy tickets at a given fare are random variables.
- The use of random variables is most common in probability and statistics, where they are used to quantify outcomes of random occurrences.
- Risk analysts use random variables to estimate the probability of an adverse event occurring.
Meaning of Random variable & Random variable Definition