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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 Value
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.

Expected Value
How to calculate the expected value of an event? Conditional probability and expected values.

Try the free Mathway calculator and problem solver below to practice various math topics. Try the given examples, or type in your own problem and check your answer with the step-by-step explanations.
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