Probability and Expected Values
Videos and lessons to help High School students learn how to weigh
the possible outcomes of a decision by assigning probabilities to
payoff values and finding expected values.
A. Find the expected payoff for a game of
chance. For example, find the expected winnings from a
state lottery ticket or a game at a fast-food restaurant.
B. Evaluate and compare strategies on the basis of
expected values. For example, compare a high-deductible versus
a low-deductible automobile insurance policy using various, but
reasonable, chances of having a minor or a major accident.
Common Core: HSS-MD.A.5
Core (Statistics & Probability)
This video shows the formula of expected value, and compute the
expected value of a game. The final answer represents the net
transaction to you!! It means you can expect to be $0.875 richer
than before you played the game, on average.
Probability: Expected Value
This lesson defines expected value and provided two examples of how
to find expected value of an event.
Probability Expected Value lesson.
Statistics and Probability : Expected Value and Probability
Demonstrating the solution to a conventional probability exercise.
How to calculate the expected value of an event.
Conditional probability and expected values.
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