The phrase "variance and random variables" refers to a key idea in probability and statistics. It is a measurement of how far away from the mean or anticipated value individual data points in a probability distribution or data set are. Understanding variance is important for evaluating data spread or dispersion and is important for statistical analysis, testing hypotheses, and risk assessment. Random variables, which are mathematical representations of ambiguous or random occurrences, are frequently employed in combination with variance. Together, they serve as the foundation for conducting experiments, generating predictions, and making defensible judgments across a range of disciplines, including data science, engineering, and economics.
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