Need further clarification converning the outcome "23"
The last example with the darts gives the expected value of 23. I didn't quite get the explanation as to what it is. How it applies to the task we have, what conclusion we're drawing from this calculation
Hey Tetiana,
Thank you for reaching out!
According to the definition in the lecture, an 'expected value' is the 'outcome we expect to occur when we run an experiment'. In the darts example you are referring to, the expectation value corresponds to the number of points we expected to get after a single shot. This value takes into account the likelihood of hitting each region and the points associated with them:
- Region A: 50% probability, 10 points
- Region B: 40% probability, 20 points
- Region C: 10% probability, 100 points
It's essential to remember that the expected value is a statistical average. In reality, one could still land a bull's eye and score 100 points in a single throw.
Hope this helps!
Kind regards,
365 Hristina