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Singh pt4
Singh pt4
INSTRUCTIONS: Write your answer on the space provided after the question. You can
write your answers on a paper or you can edit this file. Follow the given rubric below to be guided
in constructing your sentences and thoughts about the question.
One of the advantages of knowing random variables is that the use of random variables
is most common in probability and statistics, where they are used to quantify outcomes
of random occurrences. Risk analysts use random variables to estimate the probability
of an adverse event occurring.
B. Social Orientation:
• How would random variable help in our economic for today?
By using Random variables in all types of economic and financial decision making to carry out
random experiments. Statistical tools and probability distribution are used to determine the
probable outcomes in a given scenario, and thus facilitate decision making.