a range of values so defined that there is a specified probability that the value of a parameter lies within it.

A change in the values of an objective function can cause a change in the optimal solution. There is a range of values for which the optimal values of the decision variables will not change. What is this range referred to as?

The set whose elements are the numbers assigned to the outcomes of a random event or an experiment.*ProbabilityRandom VariableMass functionExpected valueNone of the above

Warm-up 2. Suppose that in an experiment we randomly select 5 students from ourclass, one after the other. Let us call our random sample of students ω = (S1, S2, S3, S4, S5),where Si is the i-th selected student.(a) Come up with a random variable X (you may be creative here!) that assigns anumber to each random sample of students ω.(b) What would be the range of your random variable X?(c) Let k be an arbitrary number from the range of X. Explain the meaning ofP(X = k) for the random variable you defined (you do not need to calculate thisquantity)

Which of the following values indicate range?

An interval estimate is a range of values within which the actual value of a population parameter falls.