Random variable and probability distribution (Xmapsoutcomestorealnumbers;P(X=xᵢ)=pᵢ,Σpᵢ=1;ExpectedvalueE(X)=Σxᵢpᵢ)

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X maps outcomes to real numbers; P(X=xᵢ)=pᵢ, Σpᵢ=1; Expected value E(X)=Σxᵢpᵢ

What each symbol means

SymbolWhat it stands for
XRandom variable
E(X)Expected value (mean)
pᵢProbability of X=xᵢ

When to use this

0 ≤ pᵢ ≤ 1 and Σpᵢ = 1. Var(X) = E(X²) − [E(X)]².