E7.+Construct+waiting-time+districutions,+recognize+rare+events,+and+compute+the+expected+value.

E7. Construct waiting-time distributions, recognize rare events, and compute the expected value.

This is where you write everything you need to understand for this indicator. This could be: >
 * 1. What you need to understand.**
 * To construct a waiting-time distribution table you make a chart where you can compute P*P(X).
 * Expected value is a predicted value of a variable, calculated as the sum of all possible values each multiplied by the probability of its occurrence.
 * To compute the expected value you add all the values of P*P(X). A rare event is something that does not happen often, usually a number that is closest to zero is a rare event.
 * equation you need to know--- **p*p(x)**
 * Table--
 * 2. Example problem.**


 * 3. Common mistakes or misunderstandings:**
 * Common errors that could be made while finding the expected value would be-
 * wrong probabilities
 * wrong multiplication
 * wrong total

http://www.ehow.com/how_6386661_calculate-expected-value-probability.html
 * 4. For more information:**