A Random Variable is a numerical outcome of a random phenomenon. It assigns a number to each possible outcome of a random process, allowing us to quantify uncertainty. There are two main types: discrete random variables, which take on a countable number of values, and continuous random variables, which can take on any value within a given range. Random variables are fundamental in statistics and are used to model real-world situations. They help in making predictions and decisions based on data. Understanding random variables is crucial for fields such as finance, engineering, and social sciences, where uncertainty plays a significant role.