Markov and Chebyshev Inequalities These inequalities use the mean and possibly the variance of a random variable to draw conclusions on the probabilities of certain events. primarily useful in situations exact values or bounds for the mean and variance of a random variable X are easily computable. but the distribution of X is either unavailable or hard to calculate.Markov and Chebyshev Inequalities • These inequalities use the mean and possibly the variance of a random variable to draw conclusions on the probabilities of certain events. • primarily useful in situations • exact values or bounds for the mean and variance of a random variable 𝑋 are easily computable. • but the distribution of 𝑋 is either unavailable or hard to calculate. 2