A random variable has a set of values, and any of those values could be the resulting outcome, as seen in the example of the dice. Random variables can be assigned in the corporate world to ...

Discrete refers to a random variable drawn from a finite set of possible outcomes. A six-sided die, for example, has six discrete outcomes. A continuous distribution refers to a random variable ...

In those analyses, researchers will face any number of analytical decisions, including whether to use fixed or random effects models to control for variables that don’t change over time. Let’s ...