Description
A simplistic definition of statistics would be, "The analysis of data in order to understand what has happened and to infer what will happen next.” Probability plays a key role in statistical analysis. In particular, in a decision making process you often have to make decisions based upon unknown future events. One such piece of the analysis part is called the expected value which depends on probability.
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Research the meaning of expected value. Share with us your interpretation of what it means and how it can be useful. Explain an example of a real-life application emphasizing its importance.
Explanation & Answer
Attached is the answer to the assignment
Running Head: EXPECTED VALUE
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Expected Value(EV)
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EXPECTED VALUE
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This refers to a predicted value for a given investment. The EV is arrived at by multiplying...
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