Question

Discuss briefly the purpose of probability distributions and expected values with examples

Answer 1

Probability distributions can actually enable you to identify the possibilities of a particular result which actually eats in the decision making process and it also helps you to understand what sort of deviation could be from your desired output by analysing the chance of gifting a particular range of output results on the whole. It is same with the case of expected values where it it aids in the decision making process where it actually tells about what would be your probable outcome under a particular condition so that you can actually take a decision whether to go for it or not.

For example- consider a case where there would be a probability distribution of a rain and you are a farmer and in this case based on the deviation of rainfall Sachin's there is a probability that there would be no rainfall and they would be likely probability that they would be higher rainfall you would understand that the deviation is more so that you actually choose crops that would grow at any case. Where it can also be seen that if the expected value of rainfall is to particular extent you would choose crops that get to grow in that particular weather on the whole