# Expected Value Calculator Statistics

## Expected Value Calculator Statistics Entwickler-Info

Statistics: It's to Be Expected. Overview. Students use a tree diagram to find theoretical probabilities and use this information with lists to find the expected value. Quickly calculate the standard deviation of a list of numbers. In statistics, the standard deviation (SD) (represented by the Greek letter sigma, σ) is a measure that. In the process of the calculation of quantile value and expected value Under consideration of the statistical inference - the conclusion of the. It depends on the statistical distribution for these numbers (see, for example, the Wikipedia article). Do you know what your distribution is? EDIT: Suppose your. statistics the expected value (or mathematical expectation, or mean) of [ ] You can calculate and store an expectation value for multiple promotions, [ ].

In the process of the calculation of quantile value and expected value Under consideration of the statistical inference - the conclusion of the. For any distribution, the mean, denoted, is the expected value of X. The variance,, is the expected value of the square of MathApps/ProbabilityAndStatistics. Many translated example sentences containing "probability calculation" – German-English dictionary and search engine for German texts obtained with statistics and probability calculation. variable, expected value and variance, random vector, covariance matrix value after the probability calculation described below.

## Expected Value Calculator Statistics Video

Define all possible outcomes. Calculating EV is a very useful tool in investments and stock market predictions. As with any EV problem, you must begin by defining all possible outcomes.

Generally, real world situations are not as easily definable as something like rolling dice or drawing cards.

For that reason, analysts will create models that approximate stock market situations and use those models for their predictions.

These results are: 1. Earn an amount equal to your investment 2. Earn back half your investment 3. Neither gain nor lose 4.

Lose your entire investment. Assign values to each possible outcome. In some cases, you may be able to assign a specific dollar value to the possible outcomes.

Other times, in the case of a model, you may need to assign a value or score that represents monetary amounts. The assigned value of each outcome will be positive if you expect to earn money and negative if you expect to lose.

Determine the probability of each outcome. In a situation like the stock market, professional analysts spend their entire careers trying to determine the likelihood that any given stock will go up or down on any given day.

The probability of the outcomes usually depends on many external factors. Statisticians will work together with market analysts to assign reasonable probabilities to prediction models.

Multiply each outcome value by its respective probability. Use your list of all possible outcomes, and multiply each value times the probability of that value occurring.

Add together all the products. Find the EV for the given situation by adding together the products of value times probability, for all possible outcomes.

Interpret the results. You need to read the statistical calculation of the EV and make sense of it in real world terms, according to the problem.

Earning Method 3 of Familiarize yourself with the problem. Before thinking about all the possible outcomes and probabilities involved, make sure to understand the problem.

A 6-sided die is rolled once, and your cash winnings depend on the number rolled. Rolling any other number results in no payout.

This is a relatively simple gambling game. Because you are rolling one die, there are only six possible outcomes on any one roll.

They are 1, 2, 3, 4, 5 and 6. Assign a value to each outcome. This gambling game has asymmetric values assigned to the various rolls, according to the rules of the game.

For each possible roll of the die, assign the value to be the amount of money that you will either earn or lose.

In this game, you are presumably rolling a fair, six-sided die. Use the table of values you calculated for all six die rolls, and multiply each value times the probability of 0.

Calculate the sum of the products. Add together the six probability-value calculations to find the EV for the overall game. The EV for this gambling game is However, that luck is not going to continue if you keep playing.

You play a gambling game with a friend in which you roll a die. What is your expected value for this game? Not Helpful 3 Helpful Two dice are thrown simultaneously.

What is the probability of getting a sum less than 3? Each die would have to show "1" in order to get a sum less than 3.

That means that only one outcome would be a desired outcome. There are 36 possible outcomes 6 x 6. So the probability of a successful outcome is 1 in Not Helpful 3 Helpful 2.

A standard cubical die is thrown twice. How do I calculate the probability that two even numbers are thrown? The probability that the first throw will come up even is 3 in 6.

The probability that the second throw will come up even is also 3 in 6. The probability of throwing two even numbers is 1 in 4. Not Helpful 5 Helpful 1.

The mean is the average. Add the numbers together, and divide the sum by the number of numbers. Not Helpful 0 Helpful 0. Unanswered Questions.

How do I calculate expected value when flipping coins? How do I calculate the expected value of shares of stock?

For situations in which there are many outcomes, you can create a computer spreadsheet to calculate the expected value from the outcomes and their probabilities.

Helpful 0 Not Helpful 0. Submit a Tip All tip submissions are carefully reviewed before being published.

Now suppose that the carnival game has been modified slightly. In the long run, you won't lose any money, but you won't win any.

Don't expect to see a game with these numbers at your local carnival. If in the long run, you won't lose any money, then the carnival won't make any.

Now turn to the casino. In the same way as before we can calculate the expected value of games of chance such as roulette. In the U. Half of the are red, half are black.

Both 0 and 00 are green. A ball randomly lands in one of the slots, and bets are placed on where the ball will land.

One of the simplest bets is to wager on red. If the ball lands on a black or green space in the wheel, then you win nothing. What is the expected value on a bet such as this?

Here the house has a slight edge as with all casino games. As another example, consider a lottery. This gives us an expected value of:. So if you were to play the lottery over and over, in the long run, you lose about 92 cents — almost all of your ticket price — each time you play.

All of the above examples look at a discrete random variable. However, it is possible to define the expected value for a continuous random variable as well.

All that we must do in this case is to replace the summation in our formula with an integral.

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## Expected Value Calculator Statistics Video

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