IID Random Variables

IID stands for "independently and identically distributed" random variables. This means that each variable in a set behaves like all the others in terms of the probability of outcomes, and the outcome of one variable does not affect the others. For example, flipping a fair coin multiple times: each flip is an independent event, with the same chances of landing on heads or tails. IID is a crucial concept in statistics, ensuring that data can be analyzed fairly and reliably, as it implies uniformity and lack of influence among the variables being studied.