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Definition of Random variable
A function that assigns a real number to each and every possible outcome of a random experiment.
A random value that can take any fractional value within specified ranges, as
A random variable that can take only a certain specified set of discrete possible
A random variable that has a normal probability distribution.
A standardized statistical measure of the dependence of two random variables,
A statistical measure of the degree to which random variables move together.
A function that shows the probability that the random variable will
The expected value of a random variable.
A probability distribution for a continuous random variable that is forms a
The probability function for a continuous random variable.
Also called a probability function, a function that describes all the values that the random variable can
The tendency for subsequent observations of a random variable to be closer to its mean.
Involving or containing a random variable or variables; involving
an unknown item for which a linear programming
an unknown variable that is to be predicted
A value determined within the context of a model.
A variable whose value is determined outside the model in which it is used. Also called
a variable that, when changed, will
a critical factor that management believes will
The technique of storing incoming inventory in any
Theory that stock price changes from day to day are at random; the changes are independent
random walk theory
Security prices change randomly, with no predictable trends or patterns.
A strategy of introducing into the decision-making process a random element that is
Costs that have both fixed and variable components.
a variable used in a linear programming problem
a variable used in a linear programming problem that represents overachievement of a minimum requirement; it is associated with greater-than-or-equal-to constraints
A value determined within the context of a model. Also called endogenous variable.
Annuity contracts in which the issuer pays a periodic amount linked to the investment
A form of annuity policy under which the amount of each benefit is not guaranteed or specified. The amounts fluctuate according to the earnings of a separate investment account.
A cost that is directly proportional to the volume of output produced. When production is zero,
A cost that increases or decreases in proportion with increases or decreases in the volume of production of goods or services.
a cost that varies in total in direct proportion
A cost that changes in amount in relation to changes in a related activity.
variable cost ratio
the proportion of each revenue dollar
A method of costing in which only variable production costs are treated as product costs and in which all fixed (production and non-production) costs are treated as period costs.
a cost accumulation and reporting method
Costs that change as the level of output changes.
Those that vary with the amount of goods you produce or sell. These may include utility bills, labor, etc.
Expenses that change with changes in either sales volume
Variable life insurance policy
A whole life insurance policy that provides a death benefit dependent on the
variable overhead efficiency variance
the difference between budgeted variable overhead based on actual input activity and variable overhead applied to production
variable overhead spending variance
the difference between total actual variable overhead and the budgeted amount of variable overhead based on actual input activity
Variable price security
A security, such as stocks or bonds, that sells at a fluctuating, market-determined price.
Variable rate CDs
Short-term certificate of deposits that pay interest periodically on roll dates. On each roll
Variable rate loan
Loan made at an interest rate that fluctuates based on a base interest rate such as the
Variable rated demand bond (VRDB)
Floating rate bond that can be sold back periodically to the issuer.
The simultaneous change in value of two random numeric variables.
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