Question: Probability and distribution V v 2 v 3 Let X be a random variable with the following probab Value x of X P( X=x) 0.45

Probability and distribution

V v 2 v 3 Let X be a random variable with the following probab Value x of X P( X=x) 0.45 0.15 0.05 0.30 0.05 Complete the following. (If necessary, consult a list o (a) Find the expectation E (X) of X. E(X) = (b) Find the variance Var(X) of X. Var (x) = [ Check

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1. Identify your reference point when making a decision based on an element of risk.

3. If there are reasonable alternatives, think about your decisions based on the different reference points and see if there are any contradictions in the decisions.

4. It is only at this point that you can give the problem your full attention in relation to the various ways you have framed the problem.