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Expected Value and Variance are the two topics which are extremely important in the subject of statistics. But when we talk about the homework questions on these topics then it can be really tricky and challenging to understand them on your own. That is why so many students opt for Statistics Expected Value and Variance Assignment Help and if you are also stuck with these topics then grab help as soon as possible.
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What Is Expected Value And Variance?
Expected value is a highly useful concept in probability theory and it actually tells the predicted value associated with a variable. The expected value is calculated when all the possible values are multiplied with their respective probability and then at the end sum is taken. While in the subject of statistics or maths you may just be doing the theory or numerical aspects related to expected value, but in a subject like management you will see that how expected value is used for making investment decisions.
Talking about variance it is actually a measure of the spread of each number in the entire set of data from the mean value. It is the arithmetic mean that comes by squaring the deviations of entire values from their arithmetic mean. Variance is a very powerful method through which dispersion is calculated and helps in decision making.
The use of both the concepts Expected Value and Variance is really diversified as by understanding these two areas one can reach a correct analysis and evaluate the results much better. To have a firm grip on these topics avail Statistics Expected Value and Variance Assignment Help as soon as possible.
Importance of the topics Expected Value and Variance
The concepts Expected Value and Variance are highly important because-
- Understanding both these concepts helps in better decision making especially under uncertain events.
- Both the concepts help in analyzing and in comprehensive evaluation of risk with all the possible outcomes and thus provide a strong base to decide that whether a particular risk should be taken or not.
- You can consider expected value as a kind of location parameter and variance as a measure of dispersion and both are highly useful.
- In areas like regression analysis and decision theory a lot of things are dependent on the expected value.
- Talking about variance it is highly useful in multiple domains like conducting hypothesis, descriptive statistics, testing and sampling, inference based on statistics and in various other areas.
- In various specialized fields like economics, finance, physics, cryptography etc variance helps a lot in reaching conclusions.
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