MATH 328 Week 6 Discussion | Assignment Help | american-public-university-system
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MATH 328 Week 6 Discussion | Assignment Help | american-public-university-system
Week 6 Forum: Expectation and Variance /
Expectation and Variance in Real Life
Expectation
and Variance in Real Life
Over the last few weeks
we have taken a look at discrete random variables, continuous random variables,
and more than one random variable at a time (joint distributions). This week we
will take a look at some of the characteristics of random variables of any
type: expected value, variance, and standard deviation. These are used in such
mundane real world applications as real estate sales (when the salesperson
quotes you the median selling price of homes in the neighborhood), hiring (when
HR departments look at the variance of offering salaries), and anytime an
“average” (mean) anything is calculated (average age, average weight, average
room size, etc.). Expectation and variance are also found in a variety of more
advanced real world situations such as devising profitable games of chance
(e.g., state lotteries), devising the methodology for medical experiments, and
determining the expectation value of a population which follows some non-normal
pattern (e.g,. Poisson distribution, etc.).
So this week let’s talk
about expectation and variance, and how they are used in business, science
and/or the military. What are some typical real world situations where you find
expectation and/or variance being used? Pick one such situation and describe it
in some detail. What was the most interesting thing you learned about how
expectation or variance is being used?
Please try, if
possible, to pick a situation to discuss that nobody else has explored in depth
yet. Put the application you chose to explore in the subject line heading of
your initial post (for example,”Expected value in medical experiments where the
population follows a Poisson distribution”).
Our textbook does not
have any separate section devoted to real world applications, but you can
peruse the chapter – and especially the problems at the end of the chapter –
for ideas of how expectation and variance are utilized. Another excellent
source of information is the internet. When you search online, some good
websites to try are (but don’t limit yourself to these, there are many other
websites you can use):
and
http://www.psychstat.missouristate.edu/introbook/sbk27m.htm
Be sure to include the
source(s) you use in your post.
Instructions: Your
initial post should be at least 250 words. In addition, please respond to at
least 2 other students. Your responses should help develop discussion around
the topic/feedback that your classmate presented. Responses to students should
be a minimum of 100 words each.
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