What is Expected Value?
Expected Value and Binomial Distribution

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•
Mathematics
•
10th - 12th Grade
•
Hard
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1.
FLASHCARD QUESTION
Front
Back
Expected Value is the average outcome of a random event, calculated by multiplying each possible outcome by its probability and summing the results.
2.
FLASHCARD QUESTION
Front
How do you calculate Expected Value for a coin flip?
Back
Multiply the value of each outcome by its probability: (0.5 * $4) + (0.5 * -$3) = $0.50.
3.
FLASHCARD QUESTION
Front
What does a negative Expected Value indicate?
Back
A negative Expected Value indicates that, on average, you are expected to lose money over time.
4.
FLASHCARD QUESTION
Front
What is a Binomial Distribution?
Back
A Binomial Distribution models the number of successes in a fixed number of independent trials, each with the same probability of success.
5.
FLASHCARD QUESTION
Front
What are the parameters of a Binomial Distribution?
Back
The parameters are n (number of trials) and p (probability of success on each trial).
6.
FLASHCARD QUESTION
Front
How do you find the probability of exactly k successes in a Binomial Distribution?
Back
Use the formula P(X = k) = (n choose k) * p^k * (1-p)^(n-k).
7.
FLASHCARD QUESTION
Front
What is the formula for calculating combinations (n choose k)?
Back
The formula is n! / (k! * (n-k)!), where n is the total number of items, and k is the number of items to choose.
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