Relation between probability and expectation value
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Step-by-step explanation:
Probability is the chance of a certain event ocurring. For eg: We can find the 'probability' that a product is profitable.
Expectation, on the other hand, gives the average value of an experiment. For eg: To find the average profit that person can achieve on the product, we use the term ' Expectation'.
Expectation is the weighted average.
Example:
If we throw an unbiased dice, then the probability of getting a number is 1/6.
But the expected value in this case is the weighted average ( value assigned times the probability) is
1*1/6 + 2*1/6 +3*1/6 +4*1/6 +5 *1/6 + 6*1/6 = 3.5.
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