Expected Value or Mean
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The expected value or mean of a discrete distribution is the long-run average of occurrences. We must realize that any one trial using a discrete random variable yields only one outcome. However, if the process is repeated long enough, the average of the outcomes are most likely to approach a long-run average, expected value or mean value.
The following diagram shows the Expected Value formula. Scroll down the page for more examples and solutions.
This expected value or mean is computed as follows:
The following video shows that the expected value of a random variable is similar to the population mean.
The following video will show the formula of expected value, and compute the expected value of a game.
The following video shows how to calculate the expected value of a binomial distributed random variable
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