Expected Value is a term commonly used in Probability study. Expected Value is defined as the weighted average of the outcomes, with the probabilities of each outcome serving as the respective weights. The Expected Value of the various outcomes of a probability distribution is
E(X) = Expected value of X = ∑ piXi
Where i = 1, 2...n
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The significance of expected value is that expected value estimates the value of any random variable. Expected value is frequently used in probability distribution problems.
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