Expected Value

Expected Value Definition:

An Expected Value is the weighted average of a random variable. Also called the mean.

Expected Value Notation

We represent the the expected value of a random variable X as E(X) or μx

Expected Value Example

Take a fair coin where the probability of flipping a head is 1/2 and the probability of flipping a tail is 1/2.
Expected Number of Heads in 2 coin flips = E(H)
E(H) = 2 flips * 1/2 probability of heads
E(H) = 1

Discrete Random Variable where P(x) is the probability mass function of X:

E(X) = Σxi · P(x)

Continuous Random Variable

E(X) = -∞∫∞x · P(x)dx
where x is the value of the continuous random variable X and P(x) is the probability density function

Expected Values of a constant times a random variable

When a is a constant and X and Y are random variables, we have
E(aX) = aE(x)
E(X + Y) = E(X) + E(Y)

Expected Value of a Constant:

Given a constant c, we have
E(c) = c

Expected Values of a product

When X and Y are independent random variables, we have
E(X · Y) = E(X) · E(Y)

Variance Definition Using Expected Value:

Variance of a random variable is the average value of the square distance from the mean value. In other words, how close the random variable is distributed near the mean value.
σ2 = Var(X) = E(X - μ)2

Expected Values Calculator:

To see more on Expected Value, you can ask check out our Expected Value Search

How does the Expected Value Calculator work?

Free Expected Value Calculator - This lesson walks you through what expected value is, expected value notation, the expected value of a discrete random variable, the expected value of a continuous random variable, and expected value properties.

What 7 formulas are used for the Expected Value Calculator?

E(aX) = aE(x)
E(X + Y) = E(X) + E(Y)
E(c) = c
When X and Y are independent random variables, we have E(X Y) = E(X) · E(Y)
σ2 = Var(X) = E(X - μ)2
Discrete Random Variable: E(X) = Σxi · P(x)
Continuous Random Variable: E(X) = -∞∫∞x · P(x)dx

For more math formulas, check out our Formula Dossier

What 6 concepts are covered in the Expected Value Calculator?

constanta value that always assumes the same value independent of how its parameters are variedcontinuous random variableone which takes an infinite number of possible valuesdiscrete random variablea type of variable whose value depends upon the numerical outcomes of a certain random phenomenonexpected valuepredicted value of a variable or event
E(X) = ΣxI · P(x)productThe answer when two or more values are multiplied togetherstatisticsStatistics is a discipline concerned with the analysis of data and decision making based upon data.

Expected Value Calculator Video

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