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How much error is expected between the sample mean and population mean?
0. The expected value of the sample mean is the population mean, so the expected value of the difference is 0.
Is there any difference between expected value and arithmetic mean?
There is. Arithmetic mean is simple average of numbers not weighted by anything. However in EV, the numbers are weighted by their probability
Distinguish between mean deviation and standard deviation?
The mean deviation for any distribution is always 0 and so conveys no information whatsoever. The standard deviation is the square root of the variance. The variance of a set of values is the sum of the probability of each value multiplied by the square of its difference from the mean for the set. A simpler way to calculate the variance is Expected value of squares - Square of Expected value.
What is the difference between standard deviation and mean?
The mean is the average value and the standard deviation is the variation from the mean value.
What is it meant by the expected value is observable?
The expected value is the arithmetic mean. It may not always be a value that is realised. Consider rolling a fair normal die. The mean or expected value of the outcome is 3.5 but a normal die will never ever turn up 3.5 since it has only integer values.
