Using Probability to Make Decisions

(+) Define a random variable for a quantity of interest by assigning a numerical value to each event in a sample space; graph the corresponding probability distribution using the same graphical displays as for data distributions.

(+) Calculate the expected value of a random variable; interpret it as the mean of the probability distribution.

(+) Develop a probability distribution for a random variable defined for a sample space in which theoretical probabilities can be calculated; find the expected value. For example, find the theoretical probability distribution for the number of correct answers obtained by guessing on

(+) Develop a probability distribution for a random variable defined for a sample space in which probabilities are assigned empirically; find the expected value. For example, find a current data distribution on the number of TV sets per household in the United States, and calculate the expected number of sets per household. How many TV sets would you expect to find in 100 randomly selected households?