Statistics Assignment Help - Summary Measure And Its Application

Summary measure and probability distribution is not a interrelated concept but both can be used to solve real life solution.

Texas, TX (prHWY.com) November 3, 2012 - Summary measure is a important concept of probability distribution which basically summarizes the distribution through a single quantity. as we know that in the case of a frequency distribution, here too we have the measure of general location and dispersion that help us to have a quick idea of the behaviour of the random variable concerned.

The widely used location measure is by the Expected Value. It is very similar to the concept. of mean of a frequency distribution of statistics and is calculated as the new weighted average of the values of the random variable taking the respective average probabilities of occurrence as the weight. Thus according to Statistics assignment help, in the tossing of three coins at a time, the

Expected Value of Number of Heads, written as E(H) can be found as follows :

E(H3) = Σ = 0 x .125 + 1 x .375+ 3 x .125 = 1.5 H f(H)�--

Similarly, considering the extension of the experiment as discussed earlier, we can calculate the money or profit you can expect if you take up your friend's proposal, as :

E(X1) = 600 x .125 + 500 x .375 + 400 x .375 + 300 x .125 = Rs. 450

Recalling that you have to pay $. 500 to get the admission of entering this game, you may decide not to go in for it as the expected currency pay off is less than the sum you have to pay. It may be noted in this context that the currency pay off X at any outcome is a function of the random variable H. As already noted, X itself is a random variable. Instead of calculating the E(X) as above, it is now possible to calculate the E(X) as follows:

E(X2) = E(600 - 100H) = 600 - 100E(H) = 600 - 100 x 1.5 = 450

It can be seen that for any other linear function g(H) of H, the following holds : E[g(H)] = g[E(H)]. That this is not true, for functions other than linear can be verified.

Expected value of a random variable of given problem gives us a measure of location and is an indicator of the long-run average value that we could expect. Statistics Assignment Help could explain that in the calculation of the expected value, the most widely outcome is given the highest weight age.

Statistics homework help is one of the most sought after service in the internet world because of high reliability and low cost. Online Statistics assignment help could increase understanding of concepts of subject which enable students to solve complex real life problems.

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