6.2 Expected Value Flashcard

Front

What is the expected value in probability?

Back

The expected value is the average outcome of a random event, calculated by multiplying each possible outcome by its probability and summing the results.

Tags

CCSS.HSS.MD.A.2

Front

How do you calculate the expected value of an event?

Back

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

Tags

CCSS.HSS.MD.A.2

Front

What is the expected value of picking a red pen from a pencil case with 3 red, 2 blue, and 5 black pens if done 100 times?

Back

30 times.

Tags

CCSS.7.SP.C.6

Front

True or False: The expected value must be a possible outcome of a single trial.

Back

False.

Tags

CCSS.HSS.MD.A.2

Front

What does a negative expected value indicate?

Back

It indicates that you are expected to lose in the long run.

Tags

CCSS.HSS.MD.A.2

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

In a game of chance, what does 'skill' refer to?

Back

Skill refers to the ability to influence the outcome of a game through practice and expertise, which is not involved in games of chance.

Front

What is the formula for expected value (EV)?

Back

EV = Σ (Probability of outcome × Value of outcome).

Tags

CCSS.HSS.MD.A.2

Front

If the expected value of a game is positive, what does that imply?

Back

It implies that, on average, you can expect to win money over time.

Tags

CCSS.HSS.MD.B.5B

Front

What is the total number of pens in Sam's pencil case?

Back

10 pens (3 red + 2 blue + 5 black).

Tags

CCSS.2.OA.C.4