LEARNING OBJECTIVES
After studying this chapter, you should be able to:

• Distinguish between discrete and continuous random variables.
• Explain how a random variable is characterized by its probability distribution.
• Compute statistics about a random variable.
• Compute statistics about a function of a random variable.
• Compute statistics about the sum of a linear composite of random variables.
• Identify which type of distribution a given random variable is most likely to follow.
• Solve problems involving standard distributions manually using formulas.
• Solve business problems involving standard distributions using spreadsheet templates.