After studying this chapter, you should be able to
define the terms random variable and probability distribution.
distinguish between discrete and continuous probability distributions.
describe the characteristics and compute probabilities using both discrete and continuous probability distributions.
compute expected value and variance of a random variable.
apply the concepts of probability distributions to real-life problems.
Any body can win unless there happens to be a second entry
When it is not in our power to determine what is true, we ought to follow what is most probable.
In any probabilistic situation each strategy (course of ...