Using Probability to Make Decisions
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Define a random variable for a quantity of interest by assigning a numerical value to each event in a sample space; graph the corresponding probability distribution using the same graphical displays as for data distributions.
Calculate the expected value of a random variable; interpret it as the mean of the probability distribution.
Develop a probability distribution for a random variable defined for a sample space in which theoretical probabilities can be calculated; find the expected value.
Develop a probability distribution for a random variable defined for a sample space in which probabilities are assigned empirically; find the expected value.