Expected Value Spiral Review

Front

What is expected value?

Back

The expected value is a calculated average of all possible outcomes of a random variable, weighted by their probabilities.

Tags

CCSS.HSS.MD.A.2

Front

If the expected value is negative, are you expected to win?

Back

No, a negative expected value indicates a loss on average.

Tags

CCSS.HSS.MD.B.5B

Front

What is a probability distribution?

Back

A probability distribution is a function that describes the likelihood of obtaining the possible values that a random variable can take.

Tags

CCSS.HSS.MD.A.4

CCSS.HSS.MD.A.3

Front

Which of the following is NOT a probability distribution? A, B, C, D?

Back

D is NOT a probability distribution.

Tags

CCSS.HSS.MD.A.4

CCSS.HSS.MD.A.3

Front

How do you calculate the expected value of a game?

Back

Multiply each outcome by its probability and sum all the results.

Tags

CCSS.HSS.MD.A.2

Front

What does μ represent in statistics?

Back

μ represents the mean or expected value of a probability distribution.

Tags

CCSS.6.SP.B.5C

Front

What does σ represent in statistics?

Back

σ represents the standard deviation, which measures the amount of variation or dispersion in a set of values.

Front

In a game where you win $10 for picking a face card and lose $5 otherwise, how do you find the expected value?

Back

Calculate the probability of picking a face card (12/52) and multiply by $10, then calculate the probability of not picking a face card (40/52) and multiply by -$5, and sum the results.

Tags

CCSS.HSS.MD.B.5A

Front

What is the formula for standard deviation?

Back

The standard deviation is the square root of the variance, which is the average of the squared differences from the mean.

Front

What is a random variable?

Back

A random variable is a variable whose possible values are numerical outcomes of a random phenomenon.