Probability and Expected Values
Related Topics:
Common
Core (Statistics & Probability)
Common Core
for Mathematics
Examples, solutions, 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
Expected ValueThis 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.
This lesson defines expected value and provided two examples of how to find expected value of an event.
Demonstrating the solution to a conventional probability exercise.
Expected Value
How to calculate the expected value of an event? Conditional probability and expected values.
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