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#reading-9-probability-concepts

An easier way to interpret expected value is as follows: If a number of such concerts were held, the organizers can expect to achieve a profit of $14,000 for each concert. So expected values actually make more sense when viewed over the long run.

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**Subject 6. Expected Value, Variance, and Standard Deviation of a Random Variable**

fit that will be made the remaining 50% of the time more than offsets this and creates an overall expected profit. However, with a one-off concert, there is a major risk involved, particularly in the event of unfavorable weather. <span>An easier way to interpret expected value is as follows: If a number of such concerts were held, the organizers can expect to achieve a profit of $14,000 for each concert. So expected values actually make more sense when viewed over the long run. The variance of a random variable is the expected value (the probability-weighted average) of squared deviations from the random variable's expected value. &

fit that will be made the remaining 50% of the time more than offsets this and creates an overall expected profit. However, with a one-off concert, there is a major risk involved, particularly in the event of unfavorable weather. <span>An easier way to interpret expected value is as follows: If a number of such concerts were held, the organizers can expect to achieve a profit of $14,000 for each concert. So expected values actually make more sense when viewed over the long run. The variance of a random variable is the expected value (the probability-weighted average) of squared deviations from the random variable's expected value. &

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