Why is expectation important

Reference no: EM13121228

1. Explain in your own words the law of large numbers. Provide an example to illustrate.

2. Explain in your own words, using the definition of probability why: a) the probability of an event that cannot occur is 0; b) the probability of an event that must occur is 1.

3. Why is expectation important? Explain what the expected value of an experiment or a business represents. What does it mean to have an expected value of 0? Provide an example of expectation and the use of the formula for expected value.

4. What are the reasons for studying statistics?

5. From your readings, select a sampling technique of your choice. Describe how the technique can be used to obtain the type of sample. Indicate when the technique may be preferred. List two examples of when the sampling technique may be used.

Reference no: EM13121228

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