expected values
Weighted outcome averages
Expected values is a statistical concept referring to the long-run average outcome of a random variable if an experiment were repeated many times.
In probability, you calculate it by multiplying each possible outcome by its probability and summing the results.
The concept extends beyond math to general decision-making: When you weigh expected values, the risky investment doesn't look as attractive.
Poker players and investors think constantly in expected values—what a choice is worth on average, not what happens any single time.
Prediction of future conditions
- projectionSomething that extends outward
- estimationApproximate value judgment
- prognosisPredicted disease course
- prophecyForetelling of future events
foresight · speculation · conjecture · calculation · probability · modeling · extrapolation · anticipate
Standards for assessment
- performanceCarrying out a task
- indicatorsSigns that reveal status
- targetsIntended aims or marks
- goalsIntended end results
objectives · baselines · criteria · measurement · assessment · comparison · data · outcomes
Accepted levels of quality
- conventionAgreed standard of behavior
- customsTraditional practices or import taxes
- traditionCustom passed through generations
- cultureCollective social practices
ethics · morality · principles · beliefs · taboo · rituals · propriety · etiquette
Desire for good outcomes
- eagernessIntense willingness to act
- excitementState of eager enthusiasm
- prospectPotential client or opportunity
- awaitRemain expectant for
foresee · imminence · readiness · preparation · envision · aspiration · yearning · longing
forecast
Prediction of future conditions
- projectionSomething that extends outward
- estimationApproximate value judgment
- prognosisPredicted disease course
prophecy · foresight · speculation · conjecture · calculation · probability · modeling · extrapolation · anticipate · prognostication
metrics
Standards for assessment
- performanceCarrying out a task
- indicatorsSigns that reveal status
- targetsIntended aims or marks
goals · objectives · baselines · criteria · measurement · assessment · comparison · data · outcomes · results
standards
Accepted levels of quality
- conventionAgreed standard of behavior
- customsTraditional practices or import taxes
- traditionCustom passed through generations
culture · ethics · morality · principles · beliefs · taboo · rituals · propriety · etiquette · decency
hope
Desire for good outcomes
- eagernessIntense willingness to act
- excitementState of eager enthusiasm
- prospectPotential client or opportunity
await · foresee · imminence · readiness · preparation · envision · aspiration · yearning · longing · desire
expected valuesvariance
Spread around the mean
standard deviation · outliers · anomalies · deviations · surprises
expected, value, expect, expects, expecting, expectation, expectations, expectancy, expectant