EXTREMELY HELPFUL!!!!! Excellent clarity and I love the way you have your videos organized. Extremely thorough!!!! I'm not as stressed now for my midterm at all!!!! God bless you!!!!!!
Hi Brandon great explanation. Please note for 1.5M value the probability is given 0.10 while calculating the expected value you are using a probability of 0.15. Even though this doesn't affect the concept in any level I just wanted to point out that typo. If you can change it that would be better to avoid any confusion.
Excellent videos Brandon! Of all your videos that I have watched, this is the first one I have come across rounding (or some other type of calculation) errors I have never seen in your videos before. For the class satisfaction survey, I got E(x) = 3.921 to 3.926 depending on my rounding, and for the Terrific Taco profit Taco for P(1.5) you have 0.10 written in the second column, but calculated using 0.15 in the third.
Wow, you really helped me with this video. Expected value looked so scary with the greek characters but it turned out to be a surprisingly intuitive concept. Thanks!
Thanks Brandon, I am taking a Stats 520 class and this video made it much clearer with simple examples, although its hard to understand the practical use of population mean at this point, but i am sure that in subsequent topics like Variance, SD, it would come handy.
I'm very much enjoying your videos; they've been quite helpful. For this video, however, may I suggest you elaborate on the differences between finding the expected value of a random variable (aka, its mean) and the conventional approach to finding the mean, i.e., sum of all values/total number of values.
I love your videos they have helped me so much! I am going to school online I am self teaching so long story short I have hit a wall in my statistics 1 class somewhere I missed some concepts and am now struggling to finish an assignment. So long story short I found your video's and have watched several I thought I understood how to get the probability but I must have missed something because I thought you would have taken the outcomes added them and divided by the possible outcomes
Hi Brandon, Thanks for all the videos. I am really new to stats and your videos are helping a lot. Simple query, in the third example how did you calculate the probability or the values were provided as the introductory example. Once again thanks and God Bless you... :)
Helpful. Also, some numbers do not add up for me. In the student survey problem, the answer I got was mean = 3.921. In the Terrific Taco's problem, the answer I got for x(P)x for 1.5x is 1.5*0.10=0.15
With the discussion of talking about Terrific Taco's projected profits, when you put (x) outcomes and did it ever .5, does this include the cents or decimals that are included in making money? It is rare someone makes a certain set dollar amount. Usually it includes cents. So if it does, how do you fit it in between each category?
P(X) is the notation for the probability of an event (x, which in our case is called random variable) to happen. Either you are given this value or you calculate it.
That’s what I thought also The numbers 1,2,3,4,5 are for labeling purposes only. It only represents values (frequencies). It is not a scale data. Can someone explain to me why the speaker perform multiplication {xP(x)} using this ordinal data (1,2,3,4,5)
Sir I am biology student, so have no speciality in statistics. i have final multiple linear regressiion model, i need to calucalte obsereved and expected value from the regression coefficients, how will i do that? i am waiting for your response
i wanna to get the intuition and the sense behind this number "the mean or expected value what this value "3.7" told you about the quality"how much satisfied" of this course ?
Very useful and intuitive learning, but one thing is bothering me. In the Class Satisfaction section the evaluations are from 1 (very dissatisfied) to 5 (very satisfied). What is the reason for this order? Is it some kind random, or something else? Let's say I want to evaluate by my own order. Say "very dissatisfied" be 5 and the number one let be "very satisfied" (they are the top :)). In this case the expected value is totally different! What is the reason for this? Could you please explain why, by just another categorization, the expected value moves to another levels ... or there is something I miss?
it's just personal preference. besides, it's already common occurences in game or movie industries etc. to score from 1 (bad game/movie/etc) to 5 (good movie/game/etc). if you like it, you could also reverse the score, where : 5 = very satisfied ... 1 = very dissatisfied of course the value would differ if you put it as above, because now the mean/expected value shifted to the opposite side too. So, for simplification purpose, imagine if expected value e(x) of class satisfaction in the video is 4 (satisfied). if you reverse the score to (1) very satisfied-- (5) very dissatisfied, now the e(x) is located at 2, but it's still on (satisfied).
arithmetic mean is the sum of each value divided by the total number of values, the expected value is the sum of the value times its probability. Also you cant do arithmetic mean in a continuous variable, you have to do an integral using expected value
but i just dont understand one thing, why multiplication on dice sides as if they are value, coin is different because it takes on 2 probabilities head or tail, yes and no
good video but why did u change the .10 to.15 in the last column doesn't that mean the answer is wrong because every other answer kept the same variable at end besides what is represented in the column for 2 million
Please be more careful when you write formulas. After the Summation sign, the rest of the formula should be inside brackets. I was confused at first because the way it's written doesn't make any sense as you can't add the individual probabilities that way.
handballvid Hello! Thanks for your comment. If you are referring to the formula around 6:11 I just double-checked and it is correct as written in the video (Statistics for Business and Economics, 12e, p. 225). We multiply each value of the random variable by its corresponding probability and then sum the products. Different texts sometimes write the same formulas a bit differently and this may just be one of those cases.
handballvid you use brackets when dealing with summations or substractions (variance formula is an example), for product or divisions, you do not have to use brackets in summation operators...
+Brandon Foltz I have 1 question and that is when we calculate mean , we do add the 'n' values available to us and divide it by 'n' . Why in this case we didn't do that? That's cause me lot of confusion
i love you brandsom!!!!! i got 49/50 marks in this topic in by school!
hi! how did u understand projected profits terrific taco's?
Thanks for the lesson. I like that you take your time. You always give multiple examples.
EXTREMELY HELPFUL!!!!! Excellent clarity and I love the way you have your videos organized. Extremely thorough!!!! I'm not as stressed now for my midterm at all!!!! God bless you!!!!!!
Your videos are extremely helpful, Brandon! It feels great to be able to understand the material.
Excellent videos, Brandon - thank you for taking the time to help us out! Just a note: I get E(x) = 3.921 for the class satisfaction survey example.
Hi Brandon great explanation. Please note for 1.5M value the probability is given 0.10 while calculating the expected value you are using a probability of 0.15. Even though this doesn't affect the concept in any level I just wanted to point out that typo. If you can change it that would be better to avoid any confusion.
I want to thank you for taking the time in explaining. I find your videos most helpful. You are a great teacher.
Thank you so much; your videos have been so helpful to me during my intense 6 wk statistics course!
Wow. You do a terrific job explaining what can often be diificult topics. I am blown away by your thoughtful preparation
How can you be so good at teaching and educating??!!
sometimes youtube lectures are far better than college lectures.. thank you for this video!!
Best explanation I have ever seen......Thank you Brandon
Excellent videos Brandon! Of all your videos that I have watched, this is the first one I have come across rounding (or some other type of calculation) errors I have never seen in your videos before.
For the class satisfaction survey, I got E(x) = 3.921 to 3.926 depending on my rounding, and for the Terrific Taco profit Taco for P(1.5) you have 0.10 written in the second column, but calculated using 0.15 in the third.
Perfectly explained and very helpful. Thank you for taking the time to make this video :)
Good video, great explenation. You have some rounding errors though. The actual overall satisfaction level in the class is not 3.7 but 3.926
Actually 3.921 according to mine
Wow, you really helped me with this video. Expected value looked so scary with the greek characters but it turned out to be a surprisingly intuitive concept. Thanks!
Thanks Brandon, I am taking a Stats 520 class and this video made it much clearer with simple examples, although its hard to understand the practical use of population mean at this point, but i am sure that in subsequent topics like Variance, SD, it would come handy.
I'm very much enjoying your videos; they've been quite helpful. For this video, however, may I suggest you elaborate on the differences between finding the expected value of a random variable (aka, its mean) and the conventional approach to finding the mean, i.e., sum of all values/total number of values.
I love your videos they have helped me so much! I am going to school online I am self teaching so long story short I have hit a wall in my statistics 1 class somewhere I missed some concepts and am now struggling to finish an assignment. So long story short I found your video's and have watched several I thought I understood how to get the probability but I must have missed something because I thought you would have taken the outcomes added them and divided by the possible outcomes
Thank you for your instructional videos. They are extremely helpful.
always help full in understanding difficult topics
beautiful. simple. effective. good work
Hi Brandon. Your videos are amazing. Thank you so much for this amazing content.
Thank you for this video. It helped me so very much with Probability 100
Very nice explanations. Thank you very much❤
Glad it was helpful!
You are an awesome teacher
At 16:10 , is that graph skewed to right or left? You were saying that it is skewed to the right but isn't it skewed to the left?
Awesome presentation, many thanks
Hi Brandon, Thanks for all the videos. I am really new to stats and your videos are helping a lot. Simple query, in the third example how did you calculate the probability or the values were provided as the introductory example.
Once again thanks and God Bless you... :)
finally, now I know what the expected value is and I can solve my exercise
much respect to your work!!
REALLY GOOD EXAMPLE . thank you !
Excellent video Brandon. Any chance of finding out where the probability column comes from in the Taco example?
This was mad easy. Thanks so much for this :)
You have wrong math in the last example though: You said that for 1.5, the probability was .10 but then in the math, you used .15 instead of .10
And your videos are really great. Thank you! Thank you very very much
Kindly explain how did we calculate @18.20 P(x) Probability values?
How did you get p(x) in Terrific Taco?? i think frequency count is missing
Buddy you saved my life
You're great man 👍
Hey, for the last project of the video, how did you find the probability of x
Hi Brandon. In the example of "Projected Profits" I get a different expected value. Can you confirm if you made a typo in the 5th row? Cheers!
Excellent.. Thank you.
Helpful. Also, some numbers do not add up for me. In the student survey problem, the answer I got was mean = 3.921. In the Terrific Taco's problem, the answer I got for x(P)x for 1.5x is 1.5*0.10=0.15
This was soooo helpful :) thanks! And just a minor error- at 18:51 u accidentally mutliplied 0.15 by 0.15 instead of 0.1 (in the P (x) column)
Can someone tell me how you got the P(x) in the last problem or was this given?
How did you get the count to get P(x) of profits?
Hi Brandon, great video! I just wanted to mention that you might have mistakenly put 1.5*0,15 at 18.41 mins. It should be 1.5*0.10 right? CHeers
i didn't get why you are multiply with 1,2,3,4 and 5? what is the logic? is it for weighted average? then what is the purpose? can you clarify it?
With the discussion of talking about Terrific Taco's projected profits, when you put (x) outcomes and did it ever .5, does this include the cents or decimals that are included in making money? It is rare someone makes a certain set dollar amount. Usually it includes cents. So if it does, how do you fit it in between each category?
Can you please tell me how did you get the P(x) values.
P(X) is the notation for the probability of an event (x, which in our case is called random variable) to happen. Either you are given this value or you calculate it.
Brandon
Likert scales are ordinal data, so how are you calculating the average? Could you please clarify.
Thank you
Andrew
That’s what I thought also
The numbers 1,2,3,4,5 are for labeling purposes only. It only represents values (frequencies). It is not a scale data. Can someone explain to me why the speaker perform multiplication {xP(x)} using this ordinal data (1,2,3,4,5)
Great video
When I add the results of X x P(X), I keep getting 3.92, not 3.70....?
3.92 is correct
Thanks for the video, how about the E(g(x)) kind of problem ?
minor error 19:06 it should 1.5 * .10 instead it's 1.5 * .15 at fifth row.
There is a slight error in the Terrific Taco Company example: for x = 1.5, P(x) = 0.1, not 0.15.
Thank you! This was SOOOOO Helpful. =)
Hello,I have a question. How did Brandon arrive at the count as 5,10,11,44 and 38.Or it was an assumption
Thank you!
Sir I am biology student, so have no speciality in statistics. i have final multiple linear regressiion model, i need to calucalte obsereved and expected value from the regression coefficients, how will i do that? i am waiting for your response
i wanna to get the intuition and the sense behind this number "the mean or expected value
what this value "3.7" told you about the quality"how much satisfied" of this course ?
Thankyou for clear explanation, but i think there is a mistake with graph pronunciation, you are saying graph as right skewed instead of left skewed.
very helpful
Thank you
Very useful and intuitive learning, but one thing is bothering me. In the Class Satisfaction section the evaluations are from 1 (very dissatisfied) to 5 (very satisfied). What is the reason for this order? Is it some kind random, or something else? Let's say I want to evaluate by my own order. Say "very dissatisfied" be 5 and the number one let be "very satisfied" (they are the top :)). In this case the expected value is totally different! What is the reason for this? Could you please explain why, by just another categorization, the expected value moves to another levels ... or there is something I miss?
it's just personal preference. besides, it's already common occurences in game or movie industries etc. to score from 1 (bad game/movie/etc) to 5 (good movie/game/etc). if you like it, you could also reverse the score, where :
5 = very satisfied
...
1 = very dissatisfied
of course the value would differ if you put it as above, because now the mean/expected value shifted to the opposite side too.
So, for simplification purpose, imagine if expected value e(x) of class satisfaction in the video is 4 (satisfied). if you reverse the score to (1) very satisfied-- (5) very dissatisfied, now the e(x) is located at 2, but it's still on (satisfied).
I can't understand the scale of overall satisfaction can we calculate it any other way without using expected value formula..
Thank you! It helped. ;)
This was very well done, thanks!
what is the difference between expected value and the arithmetic mean???
arithmetic mean is the sum of each value divided by the total number of values, the expected value is the sum of the value times its probability. Also you cant do arithmetic mean in a continuous variable, you have to do an integral using expected value
Can you refer me the 1st playlist link
I think you should next time involve bigger numbers and decimals like something along the lines of Expected value of winning the New York Lottery
So is this basically the same as weighted average
but i just dont understand one thing, why multiplication on dice sides as if they are value, coin is different because it takes on 2 probabilities head or tail, yes and no
good video but why did u change the .10 to.15 in the last column doesn't that mean the answer is wrong because every other answer kept the same variable at end besides what is represented in the column for 2 million
The expected value for the class satisfaction problem should add up to 3.921
i meant the 1.5 column
I think the expected value for class satisfaction should be 3.921. Or I've entered an alternate universe
.046+.186+.306+1.628+1.755 = 3.921....
ⓔⓧⓐⓒⓣⓛⓨ I ⓣⓗⓞⓤⓖⓗ I ⓦⓐⓢ ⓦⓡⓞⓝⓖ
Other's have pointed out it may have been due to rounding, or I made an error or typo. I will take a look. Thanks!
I want these slides, can you send me plx?
wow.
An 87 is an A...
Please be more careful when you write formulas. After the Summation sign, the rest of the formula should be inside brackets. I was confused at first because the way it's written doesn't make any sense as you can't add the individual probabilities that way.
handballvid Hello! Thanks for your comment. If you are referring to the formula around 6:11 I just double-checked and it is correct as written in the video (Statistics for Business and Economics, 12e, p. 225). We multiply each value of the random variable by its corresponding probability and then sum the products. Different texts sometimes write the same formulas a bit differently and this may just be one of those cases.
handballvid you use brackets when dealing with summations or substractions (variance formula is an example), for product or divisions, you do not have to use brackets in summation operators...
+Brandon Foltz I have 1 question and that is when we calculate mean , we do add the 'n' values available to us and divide it by 'n' . Why in this case we didn't do that? That's cause me lot of confusion
How did you get the p(x) results in the taco problem?