Definition
A 'random variable' is a variable whose value is a numerical outcome of a random phenomenon. It's a way of assigning numbers to events that happen by chance. For example, if you flip a coin, the random variable could be 1 for heads and 0 for tails. Think of it as a way to quantify uncertainty. Random variables are essential in probability theory and statistics. They allow us to model and analyze random events, making predictions about their likelihood.