11. analysing data

Question 1

what is an expected value

Answer 1

Expected value tells you what you’d get on average over the long run.

Question 2

what is the calculation for the expected value

Answer 2

EV = EPX

X - is the outcome
P - is the probability of the outcome
probability always equals 1 to 100%

Question 3

what is standard deviaiton

Answer 3

It is a way of measuring how far away on average, data points are from the mean
- how spread out the data is

Question 4

what is the coefficient of variation

Answer 4

is a ratio of the standard deviation to the mean, and is useful when comparing the degree of variation from one data series to another

Question 5

what is the equation for coefficient of variance

Answer 5

standard deviation/mean X 100