Expected values are part of the foundation of statistics and the reason why casinos don't go out of business all the time. Here, we walk through two examples that explain the concepts behind Expected Values and its fancy looking notation. BAM!
For a complete index of all the StatQuest videos, check out:
https://statquest.org/video-index/
If you'd like to support StatQuest, please consider...
Patreon: https://www.patreon.com/statquest
...or...
YouTube Membership: https://www.youtube.com/channel/UCtYLUTtgS3k1Fg4y5tAhLbw/join
...buying one of my books, a study guide, a t-shirt or hoodie, or a song from the StatQuest store...
https://statquest.org/statquest-store/
...or just donating to StatQuest!
https://www.paypal.me/statquest
Lastly, if you want to keep up with me as I research and create new StatQuests, follow me on twitter:
https://twitter.com/joshuastarmer
0:00 Awesome song and introduction
5:09 Calculating an Expected Value
8:02 Expected Value notation
10:30 A more complicated example of Expected Values
#StatQuest #Statistics #ExpectedValue