Waiting
Login processing...

Trial ends in Request Full Access Tell Your Colleague About Jove

6.6: Expected Value
TABLE OF
CONTENTS

JoVE Core
Statistics

A subscription to JoVE is required to view this content.

Education
Expected Value
 
TRANSCRIPT

6.6: Expected Value

The expected value is known as the "long-term" average or mean. This means that over the long term of experimenting over and over, you would expect this average. The expected average is represented by the symbol μ. It is calculated as follows:

Equation1

In the equation, x  is an event, and P(x) is the probability of the event occurring.

The expected value has practical applications in decision theory.

This text is adapted from Openstax, Introductory Statistics, Section 4.2 Mean or Expected Value and Standard Deviation.

Tags

Expected Value Long-term Average Mean Average Symbol μ Probability Event Decision Theory

Get cutting-edge science videos from JoVE sent straight to your inbox every month.

Waiting X
Simple Hit Counter