chance variable

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Definitions from WordNet

Noun chance variable has 1 sense

random variable, variate, variant, stochastic variable, chance variable - a variable quantity that is random
--₁ is a kind of variable, variable quantity

Definitions from the Web

Chance Variable

A chance variable refers to a random variable in probability theory that has uncertain outcomes based on a given probability distribution. It is used to measure the likelihood of different possible outcomes.

Senses:

Sense 1: In probability theory, a chance variable represents uncertain outcomes based on a given probability distribution.
Sense 2: In statistics, a chance variable is used to analyze data with uncertain outcomes.

Examples:

Sense 1:

The chance variable X represents the outcome of rolling a fair six-sided die.
In a game of cards, the chance variable Y defines the probability of drawing a specific card from the deck.

Sense 2:

Researchers analyzed the chance variable of rainfall to predict the probability of a drought in the region.
The investment portfolio's performance was analyzed using chance variables to determine the risk and potential return.

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