ABSTRACT
The study of order statistics focuses on functions of random variables that have been rank ordered. The examination of the characteristics of order statistics have important implications in many areas in statistics. Of particular interest are the distribution of the minimum and maximum values in a collection of random variables. These two values are the objects of close inspection because the minimum and maximum represent two extremes. In addition, the median often receives careful consideration because it represents an alternative measure to the mean as a measure of central tendency. The hallmark of order statistics is the use of relative ranking. One very useful tool that is commonly used in probability and statistical developments is the random variable. One of the most useful applications of this tool is the generation of random variables that follow a pre-specified probability distribution.
