Concepts2
∑MathIntermediate
Variance and Covariance
Variance measures how spread out a random variable is around its mean, while covariance measures how two variables move together.
#variance#covariance#standard deviation+12
∑MathIntermediate
Expected Value
Expected value is the long-run average outcome of a random variable if you could repeat the experiment many times.
#expected value#linearity of expectation#indicator variables+12