Mean and Variance of Discrete Random Variable

Question 1

It is the weighted average of all possible values of the random variable. A long-run average or expected value

Answer 1

Mean

Question 2

It measures the variation of the values of a random variable from a mean

Answer 2

Variance

Question 3

Variance concentrated around the mean

Answer 3

Small Variance

Question 4

Variance spread out from the mean

Answer 4

Large Variance