Table of contents
- 1. Introduction to Statistics53m
- 2. Describing Data with Tables and Graphs2h 1m
- 3. Describing Data Numerically1h 48m
- 4. Probability2h 26m
- 5. Binomial Distribution & Discrete Random Variables2h 55m
- 6. Normal Distribution & Continuous Random Variables1h 48m
- 7. Sampling Distributions & Confidence Intervals: Mean1h 17m
- 8. Sampling Distributions & Confidence Intervals: Proportion1h 20m
- 9. Hypothesis Testing for One Sample1h 8m
- 10. Hypothesis Testing for Two Samples2h 8m
- 11. Correlation48m
- 12. Regression1h 4m
- 13. Chi-Square Tests & Goodness of Fit1h 30m
- 14. ANOVA1h 4m
4. Probability
Basic Concepts of Probability
Struggling with Statistics for Business?
Join thousands of students who trust us to help them ace their exams!Watch the first videoMultiple Choice
If the probability of an event is 20%, what is the expected number of times the event will occur in 90 independent trials?
A
72
B
18
C
9
D
20

1
Step 1: Understand the concept of expected value. The expected value in probability is calculated as the product of the probability of an event and the number of trials. It represents the average number of occurrences of the event over a large number of trials.
Step 2: Identify the given values in the problem. The probability of the event occurring is 20%, which can be expressed as 0.2 in decimal form. The number of independent trials is 90.
Step 3: Write the formula for expected value. The formula is: , where is the expected value, is the probability of the event, and is the number of trials.
Step 4: Substitute the given values into the formula. Replace with 0.2 and with 90 in the formula.
Step 5: Multiply the probability (0.2) by the number of trials (90) to calculate the expected value. This will give the average number of times the event is expected to occur in 90 trials.
Watch next
Master Introduction to Probability with a bite sized video explanation from Patrick
Start learningRelated Videos
Related Practice