Expected value of random variables
Expected Value: Concept, Uses and Applications and Examples
Random Variables and Expected Value. Let me return, now, to random variables. Remember that a random variable is a measurable (numeric) quantity associated with the outcome of an experiment. In our experiment of drawing 5 cards randomly from a deck of 52, we defined the random variable A to be the number of aces appearing among the cards drawn.
[DOC File]A random variable is a numerically valued function defined ...
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In the second lecture, I introduced the concept of the expected value of x, which is equivalent to the mean of the probability distribution of a random variable. This concept can be generalized. Let h(x) be any function of x, then one can define the expected value of h(x), written as E(h(x)) by the equation:
[DOC File]Types of Variables
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Expected value/Mean of a discrete random variable: Suppose that X is a discrete random variable whose distribution is . Value of X: x1 x2 x3 … xk. Probability: p1 p2 p3 … pk. To find the mean of X, multiply each possible value by its probability, then add all the products: Variance of a Random Variable
[DOCX File]Lab 2: Probability and Random Variables - Open Michigan
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The expected value does not have to be a possible value of the r.v. --- it’s an average value. Variance of a Discrete Random Variable. The variance 2 is the expected value of the squared deviations from the mean ; that is, 2 = E[(X – )2]. 2 = (x – )2 P(x) Shortcut formula: 2 = [ x2 P(x)] – 2. where represents a summation over all values ...
[DOC File]AP Stats Chapter 7 Notes: Random Variables
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Create the prob. distribution and find the expected value (mean) and standard deviation of the game: Book examples: p. 383 #5, 8, 23 Transforming Random Variables. We may want to alter a random variable (add, subtract, multiply, divide the variable) We may want to combine it …
[DOC File]PROBABILITY AND EXPECTED VALUE - Fulshear, Texas
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The Expected Value Function is defined to be E [ g(X) ] = Notes and Comments. 1. E [(] is a function, whose argument is (. 2. The E [(] function is interpreted as an “averaging” function. That is, whatever you find the expected value of, the resulting expected value is the “average” of that value.
[DOC File]Business Uses of Random Variables
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Expected Value of a Discrete RV. The mean µ of a probability distribution or the mean of a random variable or the expected value of X is defined to be. Page 2. µ = E(X) = and more generally for a function g(x) E[g(x)] = Σg(x) p(x) In particular, the expected value of the RV X2 is given by. E(X2) =
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