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Estimation of Expected Value µ and Standard Deviation s by eye
In Statistics, Expected Value is the result of multiplying each possible outcome with the likelihood for occurrence of each of those outcomes, and then summing up the values.
Standard Deviation is a measure of the spread of samples in a given distribution. Standard Deviation is the square root of Variance.
When the density function of a variable is given, its Expected Value µ and Standard Deviation s can be estimated by eye. The ‘centre of mass’ of the given distribution is Expected Value µ and The Standard Deviation s is such that approximately 2/3rd of the ’probability mass’ resides in the interval of µ ± s.
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