Expected Value
Expected value is a statistical measure that calculates the average outcome of a random variable over a large number of trials. It is calculated by multiplying each possible outcome by its probability of occurring, and then summing up all the products. In data science, expected value is used to make decisions based on uncertain outcomes. It is commonly used in decision theory, game theory, and risk analysis. For example, in machine learning, expected value can be used to evaluate the performance of a model by comparing the predicted outcomes to the actual outcomes. It can also be used to calculate the expected return on investment for a particular business decision.
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