Expected Value and Conditional Probability

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What is the definition of Expected Value in probability?

Back

Expected Value (EV) is the long-term average value of a random variable, calculated as the sum of all possible values, each multiplied by their respective probabilities.

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CCSS.HSS.MD.A.2

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How do you calculate the Expected Value of a discrete random variable?

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To calculate the Expected Value of a discrete random variable, multiply each possible outcome by its probability and sum all these products.

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CCSS.HSS.MD.A.2

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What is Conditional Probability?

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Conditional Probability is the probability of an event occurring given that another event has already occurred.

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CCSS.HSS.CP.A.5

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How is Conditional Probability calculated?

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Conditional Probability is calculated using the formula P(A|B) = P(A and B) / P(B), where P(A|B) is the probability of event A given event B.

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CCSS.HSS.CP.A.3

CCSS.HSS.CP.A.5

Front

What is the formula for calculating the Expected Value of a spinner?

Back

The Expected Value of a spinner is calculated by multiplying each outcome by its probability and summing these products.

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CCSS.HSS.MD.A.2

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What does it mean if the Expected Value is negative?

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A negative Expected Value indicates that, on average, the outcome of the random variable will result in a loss.

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CCSS.HSS.MD.A.2

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What is the relationship between Expected Value and risk?

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The Expected Value helps assess the risk of a decision by providing an average outcome, allowing for comparison of different options.

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CCSS.HSS.MD.B.5B

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What is the probability of an event?

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The probability of an event is a measure of the likelihood that the event will occur, expressed as a number between 0 and 1.

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CCSS.7.SP.C.5

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How do you interpret a probability of 1/2?

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A probability of 1/2 means that there is an equal chance of the event occurring or not occurring.

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CCSS.7.SP.C.5

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What is the significance of the total probability in a probability distribution?

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The total probability in a probability distribution must equal 1, representing the certainty that one of the possible outcomes will occur.

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CCSS.7.SP.C.7A