probability and expected value can impact your everyday life in many ways. In every decision you ever make, you use expected value. "If I do this, than what are the odds of this happening?" These two factors impact my life mostly late at night when I decide whether I should do my homework or not. "if I don't do my math homework, what will be mr morris' reaction?" I then realize that the probability of him being mad is very high and I don't like to upset him because he is scary when he is mad so I end up doing my math homework. :)