Expected Value Calculator

Expected Value Formula

∑(xi * P(xi)) = x1 * P(x1) + x2 * P(x2) + ... + xn * P(xn)

Let's explain the meaning of the symbols:

• ∑ - The sum of all elements i;
• xi - The value of a random variable;
• P(xi) - The probability of value xi occurring; and
• n - The number of all random variables. You can use expected value formula calculator, and e^x calculator.

Expected Value = 0

Steps to Find Expected Value

Go through the detailed steps to calculate the expected value for the discrete random variables effortlessly.

• Get the possible outcomes and probability of each event.
• Multiply the random value with its probability.
• Sum all random variables product to get the expected value.

Expected Value Definition

The expected value is the approximation of the mean of the randiom variable - a prediction of what an average equal to if we were to repeat the experiment many times. It is the sum of each random variable, multiplied by the probability of that value.

The expected value formula is given as:

∑(xi * P(xi)) = x1 * P(x1) + x2 * P(x2) + ... + xn * P(xn)

Where,

∑ is the sum of all elements i

xi is the value of a random variable

P(xi) is the probability of value xi occurring

n is the number of all random variables.

Example

Question: What is the expected value probability of a dice? If a dice is rolled once and all probailities are equal.

Answer:

The possible outcomes are 1, 2, 3, 4, 5, 6

The probability is 1/6

Expected value E(x) = x1 * P(x1) + x2 * P(x2) + ... + x6 * P(x6)

= 1 * 1/6 + 2 * 1/6 + 3 * 1/6 + 4 * 1/6 + 5 * 1/6 + 6 * 1/6

= 21/6

= 3.5

Therefore, expected value is 3.5

1. How do you calculate the expected value?

Multiply the value of a random variable with the probability of value occuring. Add all the variables product to get the expected value.

2. What is the expected value?

Expected value is the approximation of the mean of a random variable. It is the probability multiplied by the value of each outcome.

3. Can the expected value be negative?

Yes, the expected value can be negative. If 10 students answer a questionnaire, that asks to rate their classes from -2 to 2. Five students give a rating of -2, three give 1, and two give 0. In this case, the expected value would be 5/10 × (-2) + 2/10 × 1 + 3/10 × 0 = -0.8.

4. Where can I find best tool for Expected Value Calculator?

Find expected value calculator, Visit Probabilitycalculatorguru website to get a calculator to compute expected value of a random variable. You can also find out expected number calculator, expectation calculator, how to find expected value on calculator, expectation value calculator, and how to find expected value calculator.