To calculate the expected value, list all mutually exclusive outcomes, assign their stated monetary gains or losses, and ensure the probabilities sum to one. Then, compute the weighted mean by multiplying each outcome's value by its probability and summing these products.
Conditions: The outcomes are mutually exclusive.; The probabilities assigned to the outcomes sum to exactly one.; Monetary values are defined consistently, including any applicable costs.
To calculate the expected value, list all mutually exclusive outcomes, assign their stated monetary gains or losses, and ensure the probabilities sum to one. Then, compute the weighted mean by multiplying each outcome's value by its probability and summing these products.
Conditions: The outcomes are mutually exclusive.; The probabilities assigned to the outcomes sum to exactly one.; Monetary values are defined consistently, including any applicable costs.
In the “surface points in time” visualization, the vertical axis represents the distribution in time, not the actual three-dimensional physical location or depth. Each point still has an x, y horizontal location, but the plotted vertical extent encodes elapsed time, as illustrated by lengths corresponding to 250 days and around 500 days.
Conditions: The visualization is the left panel labeled “surface points in time”.; The data represents groundwater measurements over time.
In the “surface points in time” visualization, the vertical axis represents the distribution in time, not the actual three-dimensional physical location or depth. Each point still has an x, y horizontal location, but the plotted vertical extent encodes elapsed time, as illustrated by lengths corresponding to 250 days and around 500 days.
Conditions: The visualization is the left panel labeled “surface points in time”.; The data represents groundwater measurements over time.