expected value practice

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.

Front

How do you calculate expected value?

Back

Multiply each possible outcome by its probability and sum all these products.

Front

What is the formula for expected value (E)?

Back

E(X) = Σ [x * P(x)], where x is the outcome and P(x) is the probability of that outcome.

Front

What does a higher expected value indicate in a game?

Back

A higher expected value indicates a more favorable outcome for the player.

Front

If a spinner has outcomes of 1, 2, 3, and 4 with equal probability, what is the expected value?

Back

E = (1+2+3+4)/4 = 2.5.

Front

What is the probability of not spinning a specific color if the spinner has 3 colors?

Back

If there are 3 colors and one is green, the probability of not spinning green is 2/3 or approximately 66.7%.

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.

Front

What is the mean of a probability distribution?

Back

The mean is the expected value of the distribution, representing the average outcome.

Front

How do you find the mean of a set of numbers?

Back

Add all the numbers together and divide by the count of numbers.

Front

What is the significance of the expected value in decision-making?

Back

It helps in making informed choices by evaluating the average outcome of different options.