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Expected Value and Variance

Statistics Calculators: https://www.statssolver.com/ The expected value and variance of a discrete random variable are measures of central location and variability. Just as the mean of a sample or population of data is a measure of central location, the expected value, or mean, of a random variable is a measure of central location for the random variable. Similarly, just as the variance of a sample or population of data is a measure of variability for the data, the variance of a random variable is a measure of variability for the random variable. The standard deviation is the square root of the variance. It's also a measure of variability for the random variable but is in the same units as the random variable. 0:00 - Expected Value 2:45 - Variance 4:58 - Standard Deviation