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- Be able to define random variable
- Use probability distributions to find expected values
- Learn to find expected values of games of chance
- Solve problems using probability
- Explain the conditions of binomial experiments
- Discover how to find binomial probabilities using tables
- Review ways to find the mean and standard deviation of a binomial random variable
- Provide examples of random variables.
- Find the expected value of a discrete random variable.
- Develop discrete probability distributions theoretically.
- Develop discrete probability distributions empirically.
- Find expected values of games of chance, such as dice, blackjack, poker and lotteries.
- Use expected values to analyze game strategies.
- Solve problems using discrete probability concepts.
- Describe the characteristics of binomial experiments.
- Use formulas to find binomial probabilities.
- Determine binomial probabilities using tables.
- Calculate the mean and standard deviation of a binomial random variable.
- Name the steps involved in solving problems with binomial experiments.
1. Random Variables: Definition, Types & Examples
This lesson defines the term random variables in the context of probability. You'll learn about certain properties of random variables and the different types of random variables.
2. Finding & Interpreting the Expected Value of a Discrete Random Variable
Discrete random variables appear in your life a lot more than you think. You can use expected values to find the probability of a discrete random variable, as shown in this lesson.
3. Developing Discrete Probability Distributions Theoretically & Finding Expected Values
In this lesson, we will look at generating a theoretical probability distribution for a discrete random variable and introduce the concept of expected value.
4. Developing Discrete Probability Distributions Empirically & Finding Expected Values
In this lesson, we will look at creating a discrete probability distribution given a set of discrete data. We will also look at determining the expected value of the distribution.
5. Dice: Finding Expected Values of Games of Chance
This lesson examines the various combinations and probabilities behind rolling dice. We will look at a game of dice and what to expect to win or lose in a game. In addition we will extend these concepts to playing with different sided dice.
6. Blackjack: Finding Expected Values of Games of Chance with Cards
In this video we learn about games of cards, and how to calculate probabilities. We look at the game of Blackjack and calculate the probability of getting certain hands. In addition we demonstrate how to calculate the expected value of a game that involves betting.
7. Lotteries: Finding Expected Values of Games of Chance
Most of us won't have a problem with winning the lottery. But is it a realistic goal? Do you really have a chance? In this lesson, learn how luck and probability collide when finding expected values in games of chance.
8. Comparing Game Strategies Using Expected Values: Process & Examples
While statistics and probability leave a lot to chance, we can use expected values to help inform our decisions. This lesson shows us how to use expected values to make the best determinations possible.
9. How to Apply Discrete Probability Concepts to Problem Solving
Discrete probability concepts, such as expected value, success, and failure, can be used to help you solve real-world problems and inform you when making decisions.
10. Binomial Experiments: Definition, Characteristics & Examples
Binomial experiments happen in your everyday life far more often than you might think. In this lesson, you will learn the characteristics of binomial experiments that will help you identify them.
11. Finding Binomial Probabilities Using Formulas: Process & Examples
You can find the probability of getting a certain number of successes when conducting a binomial experiment. In this lesson, you will learn how to find this information using the binomial probabilities formula.
12. Practice Problems for Finding Binomial Probabilities Using Formulas
In this lesson, you will review the binomial probability formula and the combination formula. Then follow along with the practice problems and see if you've mastered these concepts!
13. Finding Binomial Probabilities Using Tables
A binomial probability table can look intimidating to use. However, it can make your life a lot easier when trying to figure out binomial probabilities. This lesson will teach you how to read those tables.
14. Mean & Standard Deviation of a Binomial Random Variable: Formula & Example
When working with binomial random variables and experiments, it is important to understand the mean and standard deviation. In this lesson, you will learn how to analyze binomial experiments using the mean and standard deviation of a binomial random variable.
15. Solving Problems with Binomial Experiments: Steps & Example
Sometimes when conducting research you will need to use binomial experiments to solve problems. In this lesson, you will learn about binomial experiments and how to use probability to solve problems.
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