∑x * P(X=x): This term refers to calculating the weighted sum of all possible outcomes in a probability distribution. It involves multiplying each outcome by its corresponding probability and adding them up.
Variance: Variance measures how spread out or dispersed the values of a random variable are around its mean. It quantifies how much individual observations deviate from the expected value.
Probability Distribution: A probability distribution describes all possible outcomes and their associated probabilities for a random variable. It provides a complete picture of how likely each outcome is to occur.