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.
In your initial post…
**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.
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A simplistic definition of statistics would be, The analysis of dat
1. 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.
In your initial post…
**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.
