Expected Values
Expected value is a concept in probability theory that represents the average outcome of a random variable over an infinite number of trials. In data science, expected value is used to calculate the long-term average of a dataset, which can be used to make predictions and inform decision-making. It is calculated by multiplying each possible outcome by its probability of occurring, and then summing these products. Expected value is a key concept in statistical inference, machine learning, and decision theory.
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