Expected Value
Flashcard
•
Mathematics
•
10th - 12th Grade
•
Hard
Standards-aligned
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15 questions
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1.
FLASHCARD QUESTION
Front
What is Expected Value?
Back
Expected Value (EV) is a calculated average of all possible outcomes of a random variable, weighted by their probabilities. It represents the long-term average if the experiment were repeated many times.
Tags
CCSS.HSS.MD.A.2
2.
FLASHCARD QUESTION
Front
How do you calculate Expected Value?
Back
To calculate Expected Value, multiply each possible outcome by its probability and sum all these products. Formula: EV = Σ (outcome × probability).
Tags
CCSS.HSS.MD.A.2
3.
FLASHCARD QUESTION
Front
What is the Expected Value of a random variable with outcomes 1, 2, and 3 with probabilities 0.3, 0.43, and 0.27 respectively?
Back
EV = (1 × 0.3) + (2 × 0.43) + (3 × 0.27) = 1.97.
Tags
CCSS.HSS.MD.A.2
4.
FLASHCARD QUESTION
Front
If the Expected Value is negative, what does it indicate about the outcome?
Back
If the Expected Value is negative, it indicates that you are expected to lose in the long run.
Tags
CCSS.HSS.MD.B.5B
5.
FLASHCARD QUESTION
Front
What is the relationship between Expected Value and decision-making?
Back
Expected Value helps in making informed decisions by evaluating the potential outcomes and their probabilities, guiding choices that maximize benefits.
Tags
CCSS.HSS.MD.B.5B
6.
FLASHCARD QUESTION
Front
What does a higher Expected Value signify?
Back
A higher Expected Value signifies a more favorable outcome or a better return on investment in probabilistic scenarios.
Tags
CCSS.HSS.MD.B.5B
7.
FLASHCARD QUESTION
Front
What is the Expected Value of a fair six-sided die?
Back
EV = (1+2+3+4+5+6)/6 = 3.5.
Tags
CCSS.HSS.MD.A.2
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