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Essentially, if an experiment (like a game of chance) were repeated, the expected value tells us the average result we’d see in the long run. It represents the average outcome of a random variable when an experiment is repeated numerous times. In probability theory, the expected value (also called expectation, expectancy, expectation operator, mathematical expectation, mean, expectation value, or first moment) is a generalization of the weighted average.
Expected value is exactly what you might think it means intuitively Expectation, often referred to as the expected value, is a fundamental concept in statistics and probability theory The return you can expect for some kind of action, like how many questions you might get right if you guess on a multiple choice test.
Expected value, in general, the value that is most likely the result of the next repeated trial of a statistical experiment
The probability of all possible outcomes is factored into the calculations for expected value in order to determine the expected outcome in a random trial of an experiment. Expected value is used when we want to calculate the mean of a probability distribution This represents the average value we expect to occur before collecting any data. In mathematics, the expected value (also known as the mean, expectation, or average) of a random variable is a measure of the central tendency or average outcome of that variable over many repetitions of an experiment.
An important property of the expected value, known as transformation theorem, allows us to easily compute the expected value of a function of a random variable. Expected value is a measure of central tendency A value for which the results will tend to When a probability distribution is normal, a plurality of the outcomes will be close to the expected value.
Expected value is a fundamental concept in statistics and probability theory that represents the average outcome of a random variable over a large number of trials or occurrences.
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