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If an assembler on average makes one error for every 125 products assembled approximately how many errors can he be expected to make after assembling 875 products?
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The expected value of perfect information is equal to what?
Minimum Expected Regret ( EVPI = Expected Regret of the best solution)
Is the expected value the same as the standard deviation?
No. The expected value is the mean!
What is the meaning of expected value in a probability distribution?
The expected value is the average of a probability distribution. It is the value that can be expected to occur on the average, in the long run.
What is an example of a problem whose expected value is equal to 5000?
The expected value of the number of Heads in 1 toss of a fair coin is 0.5. So the expected number of Heads in 10000 tosses of a fair coin is ... 5000!
Can expected value be negative?
yes
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