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1 page/≈275 words
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APA
Subject:
Mathematics & Economics
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English (U.S.)
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Expected Value: An Ideal Way to Make Logical Decisions

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Identify a situation from your own experience that involves making decisions using expected value, and detail the different options, expectations, and payouts. Discuss the risks involved with those expectations and, if applicable, the payouts. Include in your discussion an explanation of how to determine how much information to gather to minimize uncertainty. Finally, explain which decision should be made.
Your journal entry must be at least 200 words in length. No references or citations are necessary.

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Expected Value
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In the business world, one’s success is normally determined by their ability to make logical decisions. These decisions are normally based on different criteria but the most commonly used approach is the Expected Value (EV). Expected Value is the sum of all possible values when multiplied by the number of possible occurrence. It is an ideal way to make logical decisions because it allows you to weigh the risks involved and assess the possible the good or bad outcome of one’s decisions. It is important to note that decisions based on EV are not always successful.
One of the times I had to use EV was while I was preparing for my examinati...
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