The expected value of a random variable is a fundamental concept in probability theory, statistics, and decision theory. It represents the average value we would expect to obtain if we were to repeat ...

Amusement park patrons, wanting to go on a log ride, might not have to wait in line at all, they might have to wait for hours, or the wait could be anywhere in between. For a random log rider, the ...

Continuous Variable: can take on any value between two specified values. Obtained by measuring. Discrete Variable: not continuous variable (cannot take on any value between two specified values).