What is expected value and please give an interesting example of our everyday life as how we utilize that expected value?
Contingency Table
A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.
Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
What is
Expected value of a random variable X is denoted as . It is also called the mean of X denoted by .
Expected value is the average of the values that X takes on weighted by the probabilities that X takes on those values. In other words, it is the probability of an event multiplied by the amount of times the event occurs (or) it is a weighted average i.e., probability times the value assigned. It is given by the formula:
(for discrete random variable)
(for continuous random variable)
If an experiment is repeated many times, the average outcome will be roughly equal to its expected value.
Step by step
Solved in 2 steps
