3. Probability Distribution

What Is a Probability Distribution?

A probability distribution is a statistical function that describes all the possible values and likelihoods that a random variable can take within a given range. This range will be bounded between the minimum and maximum possible values, but precisely where the possible value is likely to be plotted on the probability distribution depends on a number of factors. These factors include the distribution’s mean (average), standard deviationskewness, and kurtosis.

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