A simplistic definition of statistics would be, “The analysis of data in order to understand what has happened and to infer what will happen next.” Probability plays a key role in statistical analysis. In particular, in a decision making process you often have to make decisions based upon unknown future events. One such piece of the analysis part is called the expected value which depends on probability.

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Research the meaning of expected value. Share with us your interpretation of what it means and how it can be useful. Explain an example of a real-life application emphasizing its importance.

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