when to use expected value ?

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https://statisticsbyjim.com › probability › expected-value

https://statisticsbyjim.com › probability › expected-value
Expected Value: Definition, Formula & Finding – Statistics by Jim
The expected value in statistics is the long-run average outcome of a random variable based on its possible outcomes and their respective probabilities. 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.

https://en.wikipedia.org › wiki › Expected_value

https://en.wikipedia.org › wiki › Expected_value
Expected value – Wikipedia
In probability theory, the expected value (also called expectation, expectancy, expectation operator, mathematical expectation, mean, average, or first moment) is a generalization of the weighted average. Informally, the expected value is the arithmetic mean of a large number of independently selected outcomes of a random variable.

https://www.statisticshowto.com › probability-and-statistics › expected-value

https://www.statisticshowto.com › probability-and-statistics › expected-value
Expected Value in Statistics: Definition and Calculations
Expected value is exactly what you might think it means intuitively: 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. Watch this video for a quick explanation of the expected value formulas: Expected Value Formula Watch this video on YouTube.

https://openstax.org › books › statistics › pages › 4-2-mean-or-expected-value-and-standard-deviation

https://openstax.org › books › statistics › pages › 4-2-mean-or-expected-value-and-standard-deviation
4.2 Mean or Expected Value and Standard Deviation
The expected value of a discrete random variable X, symbolized as E (X), is often referred to as the long-term average or mean (symbolized as μ ). This means that over the long term of doing an experiment over and over, you would expect this average. For example, let X = the number of heads you get when you toss three fair coins.

https://www.khanacademy.org › math › statistics-probability › random-variables-stats-library › random-variables-discrete › a › expected-value-basic

https://www.khanacademy.org › math › statistics-probability › random-variables-stats-library › random-variables-discrete › a › expected-value-basic
Expected value (basic) (article) | Khan Academy
Expected value uses probability to tell us what outcomes to expect in the long run. Problem 1: Board game spinner A board game uses the spinner shown below to determine how many spaces a player will move forward on each turn. The probability is 1 2 that the player moves forward 1 space, and moving forward 2 or 3 spaces each have 1 4 probability.

https://online.stat.psu.edu › stat500 › lesson › 3 › 3.2 › 3.2.1

https://online.stat.psu.edu › stat500 › lesson › 3 › 3.2 › 3.2.1
3.2.1 – Expected Value and Variance of a Discrete Random Variable
Expected Value (or mean) of a Discrete Random Variable For a discrete random variable, the expected value, usually denoted as μ or E ( X), is calculated using: μ = E ( X) = ∑ x i f ( x i) The formula means that we multiply each value, x, in the support by its respective probability, f ( x), and then add them all together.

https://brilliant.org › wiki › expected-value

https://brilliant.org › wiki › expected-value
Expected Value | Brilliant Math & Science Wiki
In probability theory, an expected value is the theoretical mean value of a numerical experiment over many repetitions of the experiment. 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 .

https://stats.libretexts.org › Courses › Las_Positas_College › Math_40:_Statistics_and_Probability › 05:_Discrete_Probability_Distributions › 5.02:_Mean_or_Expected_Value_and_Standard_Deviation

https://stats.libretexts.org › Courses › Las_Positas_College › Math_40:_Statistics_and_Probability › 05:_Discrete_Probability_Distributions › 5.02:_Mean_or_Expected_Value_and_Standard_Deviation
5.2: Mean or Expected Value and Standard Deviation
The expected value is 1.1. The men’s soccer team would, on the average, expect to play soccer 1.1 days per week. The number 1.1 is the long-term average or expected value if the men’s soccer team plays soccer week after week after week. We say (mu = 1.1).

https://www.khanacademy.org › math › probability › xa88397b6:probability-distributions-expected-value

https://www.khanacademy.org › math › probability › xa88397b6:probability-distributions-expected-value
Probability distributions & expected value | Khan Academy
Calculate probabilities and expected value of random variables, and look at ways to ransform and combine random variables. A random variable is some outcome from a chance process, like how many heads will occur in a series of 20 flips, or how many seconds it took someone to read this sentence. Calculate probabilities and of …

https://www.khanacademy.org › math › statistics-probability › random-variables-stats-library › expected-value-lib › e › making-decisions-with-expected-values

https://www.khanacademy.org › math › statistics-probability › random-variables-stats-library › expected-value-lib › e › making-decisions-with-expected-values
Making decisions with expected values – Khan Academy
Making decisions with expected values. Mopedin’ Marvin is arguing with his mom about buying a $ 150 light for his moped. His mom wants him to be safe, but Marvin thinks that lights are too expensive. Based on traffic data, Marvin makes the table below which shows the time, probability, and cost of three different types of accidents if Marvin … lesoutrali bot