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Answer:

Possible Outcomes – a list of all the resulting possibilities from an event. e.g. When rolling a die – all possible outcomes are 1, 2, 3, 4, 5, 6. 6. Favorable Outcome – the result that is desired. e.g. Roll a 4 on a die → 4 is the only favorable outcome.

The expected value of a random variable is denoted by E[X]. The expected value can be thought of as the “average” value attained by the random variable; in fact, the expected value of a random variable is also called its mean, in which case we use the notation µX. (µ is the Greek letter mu.) xP(X = x).

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