Value and Variance of a Probability Dis

Value and Variance of a Probability Dis

Question:

1. Recognise and apply the properties of a probability distribution.
2. Calculate the expected value and variance of a probability distribution. Apply this concept to a financial context.
 
3. Identify situations that can be modelled by discrete distributions (Binomial, Poisson and Hypergeometric)
and calculate probabilities associated with Binomial and Poisson distributions.
 
4. Identify situations that can be modelled by continuous distributions (Normal, Uniform and Exponential) and calculate probabilities from the Normal distribution. Determine whether a set of data is normally distributed. Be informed of the relationship between the Normal and Binomial distribution.
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