This week’s discussion is about the topic of random variables, and a problem using the binomial distribution.
Random variables can be anything that’s measured in a business, or in any type of application. Go out into the parking lot where you work (or at least used to before the pandemic), or at the grocery store, and look at all of the different cars. What are some random variables that describe the cars? How could you categorize all of those vehicles in a meaningful way?
As another example, think about adult MBA students such as yourselves. What are some qualitative and quantitative measures that could be used to categorize students. In fact, think of almost any subject–dogs, computers, houses–and you can fairly easily identify several qualitative and quantitative measures.
In your discussion responses, try to think of examples of random variables in your work, or in an industry with which you are familiar. Are they discrete or continuous?
