78 * 1/6 * 5/6 = 10.83
And then of course the SD is the square root of that.
My question is how did he arrive at that original calculation? I only know
how to calculate SD from a sample.
It's only been about a yr since I last took a stats class, and I've
forgotten much of the material, but I'm pretty sure this is a binomial
distribution, and Bill calculated it as such.
Regards,
Mike
_________________________________________________________________
Posted using RecPoker.com - http://www.recpoker.com
If anyone else is interested, see
http://www.stats.gla.ac.uk/steps/glossary/probability_distributions.html#binodistn.
Forget shopping, math is easy!
"Mike" <joec...@hotmail.com> wrote in message
news:3f7673a0$0$210$9a6e...@news.newshosting.com...
If X~Binomial(n,p) then V(X) = np(1-p)
where n is the number of trials, p is the probability of a success
The binomial formula for variance is just a special case of that, when there
are only two possible outcomes.
When there are 3 possible outcomes in your model (say you might allow for
winning a big pot, or lose a big pot, or lose a small pot are the three
possible outcomes) then use the general equation.
Gary Carson