Expected Value Calculator
This expected value calculator helps you to calculate an expected value (also called mean) of the given variable set with their probabilities.
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Table of contents
|◦How to calculate expected value?|
|◦What is the expected value?|
|◦Expected value formula|
|◦How to use the expected value calculator?|
|◦How to find the expected value?|
|◦Can expected value be negative number?|
How to calculate expected value?
To find an expected value for your values, just input the values with their probabilities to our expected value calculator will calculate the result for you!
To help you get started with the expected values, we have created an article from which you can learn the formula of expected value, the definition of expected value, and how you can calculate the expected value yourself.
What is the expected value?
The expected value means an approximation of the mean of a random variables. Expected value is a prediction that what the average would be if we would repeat the calculation infinitely.
Expected value formula
By mathematical definition, the expected value is the sum of each variable multiplied by the probability of that value.
Have a look at the expected value formula:
∑(xi * P(xi)) = x1 * P(x1) + x2 * P(x2) + ... + xn * P(xn)
Meaning of the symbols in the formula:
∑ - Sum of all elements i
xi - Value of each individual variable
P(xi) - Probability of value xi
n - Total number of all variables
How to use the expected value calculator?
First you need to choose how many random variables you want to have. After that you need to input all the variables and their probabilities to the fields, and our expected value calculator will show the result of expected value for you!
Please note that the probability must be between zero and one. One means hundred percent and zero means zero percent. Sum of all the probabilities must be exactly one.
How to find the expected value?
To find the expected value for given variables, you can use the following expected value formula:
E(x) = x1 * P(x1) + x2 * P(x2) + ... + xn * P(xn).
Can expected value be negative number?
Yes! The expected value can also be a negative number. If even some of your variables are below zero, it means that the expected value can be negative.
Angelica is a psychology student and a content writer. She loves nature and wathing documentaries and educational YouTube videos.
Expected Value Calculator English
Published: Wed Jul 07 2021
Latest update: Mon Oct 18 2021
In category Mathematical calculators
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