00:01
Okay, so here's our sales and here's our probability of sales, and we want to find the expected value and the variance and the standard deviation.
00:09
Well, the expected value, we're going to take each of these and multiply it by its probability and then add them up.
00:21
So maybe let's just do it this way.
00:24
So this equals zero times the probability, and then we're going to do each of those.
00:38
So those numbers, and then equals the sum of those numbers.
00:53
So the expected value is going to be 1 .3.
00:57
We took 0 times this, 1 times this, 2 times this, et cetera.
01:01
And so the expected value is 1 .3.
01:03
Now, standard deviation and variance.
01:11
The variance, this is the equation for the standard deviation.
01:16
The variance is without the square root.
01:20
So we got to take each of these data points, 0, 1, 2, 3, subtract it from the mean, 1 .3, square it, and then multiply it by each of the probabilities...