Asked by Michaela Pfaff on Jun 03, 2024
Verified
Expected values are
A) Values that you expect from an individual
B) Mean values
C) Weighted average outcomes
D) Both B&C
Expected Values
The predicted average of all possible outcomes of a random variable, weighted by their probabilities.
Weighted Average
A calculation that takes into account the varying degrees of importance of the numbers in a data set.
Mean Values
Statistical measures representing the average value in a set of data, calculated by summing all observations and dividing by the number of observations.
- Distinguish between random variables and their attributes.
Verified Answer
MZ
Muhammad ZuhaibJun 06, 2024
Final Answer :
D
Explanation :
Expected values are a type of mean value calculation that takes into account the probability or weight of each outcome. As such, they are both mean values (B) and weighted average outcomes (C). Option A is not accurate as expected values refer to outcomes, not what you expect from an individual.
Learning Objectives
- Distinguish between random variables and their attributes.